Memorandum Findings of Fact and Opinion
TURNER, Judge:
The respondent has determined a deficiency in income tax against the petitioners for the year 1948 in the amount of $308.82. By amended answer, respondent has requested that the deficiency be increased to $340.20.
There are two questions at issue: (1) whether gains realized from the sale of lots during the taxable year should be treated as ordinary income or capital gains, and (2) whether the...
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