LA BUY, District Judge.
This is an action by the plaintiff taxpayer to recover the sum of $22,312.28 being overpayment of income tax for the year 1949 based upon proceeds from the sale of whiskey warehouse receipts. The issue involved is whether the tax on the profit from such sale was to be on the basis of a long-term capital gain equalling $86,496.45, or on the basis of ordinary income amounting to $108,808.73, which amount was paid by the taxpayer on the allegedly...
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