Respondent has determined a deficiency in income tax of $4,071.71 for the calendar year 1948. Certain minor adjustments made by respondent in determining the deficiency are not contested. Error is assigned upon the respondent's action in treating a loss realized in the taxable year on the sale of certain Government bonds as a capital loss, limited in its deduction by the provisions of section 117, Internal Revenue Code. Practically all of the facts were stipulated and are...
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