This proceeding involves a deficiency in income tax determined against petitioners for the taxable year 1950 in the amount of $5,544.04 and an addition of $594.48 under section 294 (d) (1) (A) of the 1939 Code.
The issues to be decided are: (1) Whether petitioners are entitled to long-term capital gain treatment on the purchase and sale of contracts for 50 so-called job lots of 1,000 bushels each of May soybeans on the Chicago Board of Trade commodity futures market...
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