Memorandum Findings of Fact and Opinion
This proceeding involves deficiencies of $2,221.47 and $69.56 in petitioner's income tax and declared value excess profits tax liability for the calendar year 1942.
The sole question involved is whether the Commissioner erred in including in petitioner's income a profit of $13,769.22 purported to have been realized by petitioner as gain on an involuntary conversion of certain property. A loss deduction in the amount...
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