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MAGNUS v. COMMISSIONER

Docket No. 57258.

28 T.C. 898 (1957)

FINN H. MAGNUS AND ELSIE A. MAGNUS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 29, 1957.

Attorney(s) appearing for the Case

Andrew T. Gill, Esq., and John A. Conlin, C. P. A., for the petitioners.

Stanley W. Herzfeld, Esq., for the respondent.

MULRONEY, Judge:

Respondent determined a deficiency in the petitioners' Federal income tax for the year 1951 in the amount of $14,387.40. The issues presented are whether royalties in the amounts of $11,437.22 and $18,638.76 received by the petitioners in 1951 were taxable as ordinary income or as long-term capital gain.

FINDINGS OF FACT.

Some of the facts were stipulated and they are herein included by this reference.

Finn H. Magnus...

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