This proceeding presents two questions: Whether the gains realized by petitioners from the sales of certain registered Hereford cattle during the taxable years 1944 through 1950 are taxable as ordinary income or as long-term capital gains, and the determination of the proper construction of section 29.22 (a)-7 of Regulations 111 which specifies the methods for determining farm income. The latter question involves only the years 1948, 1949, and 1950.
The deficiencies...
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