This proceeding involves a deficiency in income tax for the calendar year 1944 in the amount of $2,808.94. The issue is whether amounts received by petitioner in the taxable year on various mortgage participations in excess of the amounts paid therefor are taxable as ordinary income or capital gain. The proceeding was submitted on a stipulation of facts and the petitioner's income tax return for 1944. The facts are found to be as stipulated, and for present purposes may be...
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