Memorandum Findings of Fact and Opinion
HOYT, Judge:
Respondent determined a deficiency in petitioner's income tax liability for the year 1960 in the amount of $9,645.37 resulting solely from his conclusion that petitioner received ordinary gain of $37,500 for a covenant not to compete instead of capital gain on the sale of stock as reported.
Petitioner herein and his wife sold their stock of a cement company for the total consideration of $75,000...
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