Respondent determined deficiencies in petitioner's income tax for the fiscal years ending March 31, 1962, 1963, 1964, and 1965, in the amounts of $155,141.54, $105,454.16, $40,298.23, and $36,585.91, respectively.
The issues for decision are:
(1) Whether petitioner who purchased a working interest in oil leases with the sellers retaining production payments payable from 85 or 95 percent...
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