This proceeding involves deficiencies in income tax for the years 1940 and 1941 in the amounts of $5,889.13 and $6,996.98, respectively.
Four issues are raised:
1. Was certain profit in the amount of $20,324.97, realized by petitioner in 1940, taxable as ordinary income, or, in the alternative, as short term capital gain, or did it represent long term capital gain?
2. What was the proper basis in 1940 for depreciation of petitioner's Commonwealth Avenue...
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