This proceeding involves deficiencies in income tax determined against the petitioner for the years 1947, 1948, 1949, and 1950, inclusive, in the amounts of $8,621.73, $2,301.28, $14,706.14, and $8,159.01, respectively. Not all of the adjustments set forth in the notice of deficiency have been contested. The issues here presented are:
(1) Is petitioner entitled to use as its basis for computing gain on the sale of certain real estate which it acquired from its principal...
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