The statutory notice determines a deficiency for the taxable year ended December 31, 1949, in the amount of $10,058.84. Of the several adjustments referred to therein, only one is contested by petitioner. The sole question before us is whether, upon the facts, petitioner is entitled to the benefits of section 112 (f) of the Internal Revenue Code of 1939 providing for nonrecognition of gain where there is an involuntary conversion of property and the proceeds are expended...
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