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PETERS v. COMMISSIONER

Docket No. 78672.

37 T.C. 799 (1962)

RALPH H. AND CATHERINE PETERS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed January 17, 1962.

Attorney(s) appearing for the Case

James A. Oliver, Esq., and William J. Oliver, Esq., for the petitioners.

Max J. Hamburger, Esq., for the respondent.

SCOTT, Judge:

Respondent determined a deficiency in petitioners' income tax for the year 1956 in the amount of $124,097.81. The only issue for decision is whether the gain realized by petitioners on the sale of a silt bank was long-term capital gain as reported by them or ordinary income as determined by respondent.

FINDINGS OF FACT.

Some of the facts have been stipulated and are found accordingly...

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