Respondent determined a deficiency in income tax for 1949 of $5,250.02 which is here in issue because petitioners reported as capital gain the proceeds received when their partnership liquidated rather than as ordinary income as respondent has determined.
FINDINGS OF FACT.
Some of the facts have been stipulated and are hereby found accordingly.
The petitioners, Virgil L. Beavers, hereafter called petitioner, and Mildred Beavers, his wife, reside...
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