DRENNEN, Judge:
Respondent determined a deficiency in petitioner's income tax for its fiscal year ending April 30, 1958, in the amount of $15,309.98. The only issue is whether the income realized by petitioner from the transfer of refundable water contracts to the city of Phoenix was taxable as ordinary income or as long-term capital gain from the sale or exchange of capital assets.
FINDINGS OF FACT
The stipulated facts are so found.
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