Petitioner had operated a grocery since 1957. He leased the premises occupied by the business, but his lease contained an option to buy the property for $50,000. On December 30, 1969, petitioner exercised his option and purchased the property. On that same date he executed an agreement to sell the property to Mobil Oil Corporation for $118,500, closing to take place July 31, 1970. Petitioner liquidated the business in 1970, prior to the sale. He paid unincorporated business...
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