The respondent determined deficiencies for the year 1943 in the petitioner's income taxes and declared value excess-profits taxes in the amounts of $3,324.56 and $10,035.73, respectively. The petitioner claims an overpayment of income tax for that year. The issue is whether the petitioner realized taxable gain upon foreclosure of a mortgage on certain real property in 1943, and, if so, in what amount.
FINDINGS OF FACT.
Petitioner herein is a corporation...
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