Memorandum Findings of Fact and Opinion
ARNOLD, Judge:
This proceeding involves a deficiency in income tax for the year 1944 of $3,985. The sole issue is whether cash received by petitioner in connection with an exchange of farm properties was taxable to petitioner in 1944 as gain from a sale or exchange of capital assets.
Findings of Fact
Petitioner is an individual engaged in the business of cotton ginning and farming. He owns approximately...
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