Memorandum Findings of Fact and Opinion
MELLOTT, Judge:
The Commissioner determined a deficiency in petitioner's income tax in the amount of $515.24 and in its excess profits tax in the amount of $480.26 for the calendar year 1939. The deficiencies resulted from including, in its gross income for that year, the gain realized from the sale of contracts and equipment in the amount of $5,627.13. The sole issue is whether the admitted gain is taxable in 1939...
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