Memorandum Findings of Fact and Opinion
Respondent determined a deficiency in the income tax of petitioners for the year 1940 in the sum of $16,776.89. The sole issue is whether the sum of $55,920 received by petitioners in the taxable years from the sale of a patent, was taxable in its entirety as ordinary income or was taxable as a longterm capital gain.
Findings of Fact
Petitioners, who are husband and wife, reside in Plainfield, N. J., and...
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