Memorandum Findings of Fact and Opinion
NIMS, Judge:
Respondent determined a deficiency in petitioners' 1975 income tax of $14,976.39. The issue for decision is whether petitioners are entitled to deduct $37,869.49 in 1975 for prepaid intangible drilling and development costs ("IDC").
This case concerns William B. Scheidt's oil and gas investments. Wanda C. Scheidt is a party to this proceeding solely because she filed a joint income tax return with...
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