The Commissioner determined a deficiency of $10,042.77 in the petitioner's income tax for 1952. The only issue for decision is whether the amount of $39,642.49 received by the petitioner in 1952, as a result of the cancellation of the petitioner's indebtedness to Aero Engineering, Inc., is taxable as capital gain or ordinary income.
FINDINGS OF FACT.
The petitioner, a Colorado corporation, filed its corporate income tax return for 1952 with the director...
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