This proceeding involves deficiencies in income tax in the sum of $1,670.71 and excess profits tax in the sum of $4,774.82 for the taxable year 1943. The issue presented is whether the respondent erred in treating the gain from the sale of cattle from a breeding herd as ordinary gain, where the number of raised cattle added to the breeding herd in the taxable year exceeds the number of cattle sold from such herd.
FINDINGS OF FACT.
Petitioner was incorporated...
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