Memorandum Opinion
DAWSON, Judge:
Respondent determined a deficiency in the income tax of petitioners for the taxable year ended June 30, 1958, in the amount of $17,435.86. The only issue for decision is whether a loss of $29,417.75 sustained by petitioners from the sale of commodity futures contracts in cotton, cotton seed oil, and soybeans is an ordinary business loss or a capital loss.
All of the facts have been stipulated by the parties and are...
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