Respondent has determined a deficiency in petitioner's income tax for the fiscal period beginning April 3, 1946, and ending March 31, 1947, in the amount of $4,621.73.
The issues presented are:
(1) Whether the sum of $10,000 received by petitioner as lessor from United Aircraft Corporation as lessee upon the cancellation and termination of a lease dated May 1, 1944, is taxable to petitioner as ordinary income within the meaning of section 22 (a), Internal...
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