Memorandum Findings of Fact and Opinion
LEECH, Judge:
These consolidated cases involved deficiencies in income taxes for the year 1939 in the amount of $11,264.48 for each petitioner.
The cases were submitted upon a written stipulation of facts, documentary proof and oral testimony. The issues are (1) whether petitioners were engaged in the real estate business during the taxable year so that profit realized on the sale of lots should be treated...
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