OPINION.
VAN FOSSAN, Judge:
Petitioner is an Ohio corporation engaged in the business of rectifying spirits. Respondent determined a deficiency of $4,260.62 in petitioner's income tax for 1950 consequent on his holding that the sale by petitioner of whiskey warehouse certificates representing 300 barrels of whiskey was taxable as ordinary income and not as long-term capital gain.
About December 1, 1949, the taxpayer purchased negotiable warehouse...
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