Memorandum Findings of Fact and Opinion
DRENNEN, Judge:
Respondent determined a deficiency in income tax due from petitioner for the taxable year ended June 30, 1955, in the amount of $60,978.27.
The issues for decision are: (1) Whether petitioner is entitled to a bad debt deduction in the taxable year 1955 in the amount of $100,079.75, representing advances to Park Lane Furniture Mfg., Inc., a corporation in which petitioner was a 50 percent stockholder...
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