The respondent determined a deficiency of $1,517.34 in the income tax of petitioner Louis R. Lurie for the year 1941 and of $1,177.03 in the income tax of petitioner Babette G. Lurie for the same year.
The sole issue is whether a gain of $3,448.53 realized by each petitioner upon the retirement of preferred income notes of Hilton Hotel Co. of California constituted capital gain or ordinary income.
FINDINGS OF FACT.
The facts were stipulated. In so...
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