The respondent has determined a deficiency in income tax and excess profits tax of the petitioner for its fiscal year ending June 30, 1951, in the amount of $17,716.55. The sole issue is whether gains realized on the sale of certain motor vehicles are taxable as ordinary income or as capital gains pursuant to section 117 (j) of the Internal Revenue Code of 1939. Gains from such sales occurring during the fiscal year of the petitioner ending June 30, 1952, are before the Court...
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