Respondent determined a deficiency in petitioners' income tax for the year 1948 in the amount of $49,532.28. The issue involved is whether, under the alternative method of income tax computation provided in section 117 (c) (2) of the Internal Revenue Code of 1939 in effect for the year 1948, when deductions and credits for exemptions exceed the ordinary income, the 50 per cent tax rate should be applied to the entire taxable capital gain, or to that gain reduced by the amount...
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