Memorandum Findings of Fact and Opinion
SCOTT, Judge:
Respondent determined deficiencies in petitioner's income tax for the calendar years 1955 and 1956 in the amounts of $28,447.62 and $16,716.08, respectively.
The issues for decision are:
(1) Whether the profits realized by petitioner from the sales of certain parcels of real estate in its taxable years 1955 and 1956 constituted ordinary income from the sale of property held primarily for...
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