Memorandum Findings of Fact and Opinion
KÖRNER, Judge:
For the calendar years 1978 and 1979, respondent determined deficiencies in the joint income tax liability of Harlan O'Leary and Eloice O'Leary in the respective amounts of $49,794.80 and $73,084.57. After concessions, the issues which we must resolve are: (1) Whether, under the so-called cost-recovery method of reporting gain from the sale of property, petitioners are entitled to charge both periodic...
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