Memorandum Findings of Fact and Opinion
The Commissioner determined a deficiency of $10,980.51 in the income tax of the petitioner for the calendar year 1948. An adjustment disallowing a part of the deduction for depreciation claimed by the petitioner is no longer being contested by her. The remaining issues concern (1) whether gain realized by the petitioner from the sale of houses and lots in 1948 is taxable as ordinary income or capital gain; and (2) the determination...
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