The respondent determined a deficiency in income tax for 1950 in the amount of $7,616.58. All of the deficiency is in dispute. The issue is whether upon petitioner's sale to the issuing corporation of interest-bearing, registered bonds, on which interest had accrued but was unpaid, the whole amount of the proceeds over cost was reportable as long-term capital gain, as petitioner contends, or whether a pro rata proportion of the proceeds represented realization of accrued...
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