Memorandum Findings of Fact and Opinion
TURNER, Judge:
The respondent has determined deficiencies in income tax against the petitioner for the years 1938, 1939 and 1940 in the respective amounts of $135.66, $79.24 and $760.96, and penalties for the years 1938 and 1939 in the respective amounts of $33.92 and $19.81.
The question presented is whether the property, from which the petitioner sold lots during the taxable years, was a capital asset or...
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