The respondent determined deficiencies in income tax against the petitioners of $6,478.85 for the year 1958 and $11,069.33 for the year 1959. The questions are whether the gain realized on the sale of certain lots was capital gain, or ordinary income, and what was the basis of the lots sold.
Some of the facts have been stipulated and are found as stipulated.
The petitioners are husband and...
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