The Commissioner determined income tax deficiencies against petitioner for the taxable year ended December 31, 1940, in the amount of $31.50 and for the taxable year ended December 31, 1941, in the amount of $48,853.37. The principal question in this case arises from the different tax treatment accorded by petitioner and respondent to the sum of $114,878.77 reported by petitioner in his income tax return for 1941 as a long term capital gain received from the sale of 23 acres...
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