The respondent determined a deficiency in income tax against the petitioners for 1955 in the amount of $117,386.81. The questions presented for determination are: (1) Whether the proceeds from the sale of cotton which petitioner illegally removed from his cotton warehouse are includible in his taxable income, and (2) whether a loss of $169,871.78 which petitioner sustained on trading in cotton futures contracts is a capital loss or an ordinary business loss. Several other...
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