Memorandum Findings of Fact and Opinion
PIERCE, Judge:
Respondent determined a deficiency of $5,173.80 in the income tax of the petitioners for their taxable calendar year 1962.
The issue for decision is: Where during the taxable year an indebtedness of $17,500 that was owed by petitioner James R. Winnek to a corporation named Jim Winnek, Inc. which he operated and controlled, was cancelled by said corporation in connection with its redemption of...
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