Memorandum Findings of Fact and Opinion
MULRONEY, Judge:
The respondent determined a deficiency in petitioners' income tax for 1957 in the amount of $1,108.93. The only issue is whether the loss incurred upon the lapse of an option is a capital loss or an ordinary loss.
Findings of Fact
Some of the facts are stipulated and they are found accordingly.
Petitioners are husband and wife who reside in Brooklyn, New York, where Charles...
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