Memorandum Findings of Fact and Opinion
The Commissioner determined a deficiency in excess profits tax for the calendar year 1941 in the amount of $10,939.35 and a penalty of $2,734.84 for failure to file a return. The petitioner contends that the Commissioner erred in holding that gains of $86,813.03, realized by the petitioner during the taxable year, constituted ordinary income subject to excess profits tax instead of gains from sales of capital assets held for...
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