Memorandum Findings of Fact and Opinion
This proceeding involves a deficiency in income tax of $22,971.78 and the imposition of a five per cent ad valorm penalty amounting to $1,148.59 for the taxable year 1939. Several questions have been raised by the parties. They are: (1) Whether the income is taxable to petitioner in 1939, (2) whether a part of the proceeds received by petitioner constitutes repayment of a loan or is chargeable as part of his capital gain,...
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