SANBORN, Circuit Judge.
The question for decision is whether, under the tax laws of the United States, an interest in a partnership is a capital asset, gain on the transfer of which is to be taxed as capital gain, even though the partnership assets include noncapital assets. The appeal is from a judgment in favor of the taxpayer (appellee) in an action to recover an alleged overpayment of income and defense taxes for the year 1940.
The facts are not in dispute...
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