Respondent determined deficiencies in income tax of $74.84 and $1,340.48 for the years 1938 and 1939, respectively. Petitioner claims an overpayment of $3,051.13 for 1938.
Petitioner charges that respondent erred in computing the long term taxable gain on the disposition of certain bonds in 1939 by holding that since the cost basis had been previously recovered the entire amount received constituted gain, 50 percent of which was taxable under section 117 (b) of the...
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