This proceeding involves deficiencies in petitioner's income tax for 1953, 1954, and 1955 in the respective amounts of $58,721.95, $48,099.17, and $35,257.63. The questions in issue are: (1) Whether the gains from the sale of houses which petitioner purchased at cost from construction companies in which he owned a controlling interest and which he held for rent for periods of 6 months or longer are taxable as long-term capital gains or as ordinary income, and (2) whether...
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