The respondent determined deficiencies in income tax against the petitioner for the years 1950, 1951, and 1952 of $11,224.33, $69,677.64, and $80,219.88. The only question for decision is whether gains realized on the sale of real estate during the years herein are taxable as long-term capital gains, or as ordinary income. One issue involving the disallowance of a claimed interest deduction has been conceded by petitioner.
FINDINGS OF FACT.
Some of the facts...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.
