The respondent determined a deficiency in income tax against the petitioners for the taxable year 1955 in the amount of $2,827.62. The question for determination is whether a building contractor realized ordinary income or capital gain in 1955 from the sale of unimproved property he had acquired in 1954 for the purpose of erecting a building thereon, pursuant to an agreement with a doctor to purchase the property on completion of the building, but which was not erected because...
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