Memorandum Findings of Fact and Opinion
The Commissioner determined a deficiency of $2,026.33 in the income tax of the petitioners for 1960. The only issue for decision is whether $15,000 received by Elmer in 1960 upon the termination of his partnership with another optometrist was long-term capital gain, as reported, or ordinary income from an agreement not to compete, as determined by the Commissioner.
Findings of Fact
The petitioners, husband...
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