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HAPPOLD v. COMMISSIONER

Docket Nos. 106124, 109132.

1 T.C.M. 163 (1942)

C. A. Happold v. Commissioner.

United States Tax Court.

Entered December 1, 1942.

Attorney(s) appearing for the Case

Harry C. Weeks, Esq., 911 Sinclair Bldg., Fort Worth, Tex., for the petitioner. Wilford H. Payne, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

OPPER, J.:

These consolidated proceedings challenge respondent's determination of income tax deficiencies in the amounts of $1,475.36, $1,453.08, $1,360.36 and $26,229.78 for the years 1936, 1937, 1938, and 1939, respectively.

In issue is whether petitioner realized a taxable capital gain on a formal oil and gas lease assignment on May 18, 1939, which issue must be decided by a

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