The respondent determined a deficiency in income tax for the year 1946 in the amount of $86,253.32. He determined that the gain from the sale of cattle in 1946 was taxable as ordinary income and was not capital gain under section 117 (j) of the Internal Revenue Code. In the alternative, respondent has raised affirmatively an issue under section 130 of the Internal Revenue Code resulting in a deficiency in income tax for the year 1946 in the amount of $96,863.87. His theory...
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