VINSON, Associate Justice.
The Board of Tax Appeals determined that the gain realized by a taxpayer (respondent) upon repossession of leased premises with a building erected by lessee, resulting from a forfeiture of the lease, was not taxable income in the year the lease was terminated. The Commissioner of Internal Revenue filed petition for review.
The facts are stipulated: the taxpayer was the owner of a one-half interest in certain improved real estate...
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