This proceeding involves a determination of deficiencies in Federal income tax for the taxable year ended September 30, 1949, and the taxable period October 1, 1949, to December 31, 1949, in the respective amounts of $1,106.67 and $15.37.
The questions presented are as follows:
(1) Whether the gain on certain "company cars" sold by the petitioner from October 1, 1948, to December 31, 1949, was long term capital gain under section 117 (j) of the Internal Revenue...
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