Memorandum Findings of Fact and Opinion
TURNER, Judge:
The respondent has determined against the petitioner deficiencies in income tax of $17,049.16 and $5,631.19 for 1937 and 1939, respectively.
The issues presented by the pleadings are whether the respondent erred: (1) in determining that the petitioner realized a taxable gain of $45,780.73 on the sale in 1937 of certain oil and gas leases known as the Placedo leases; (2) in determining a taxable...
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