This case involves income tax for the year 1941. Deficiency was determined in the amount of $1,101.49, all of which is contested. The only issue presented is whether the monthly payments received by petitioner from the Standard Oil Co. (New Jersey) are taxable to him in full as ordinary income or whether they are taxable as an annuity under section 22 (b) (2) of the Internal Revenue Code.
A stipulation of facts was filed. We adopt same by reference and find the facts...
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