Memorandum Findings of Fact and Opinion
The Commissioner determined deficiencies in income tax of the petitioners as follows: $616.95 for 1957; $2,580.73 for 1958; $7,813.33 for 1959; and $13,827.97 for 1960. The issues for decision are: (1) whether amounts received in each year from American Machine and Foundry Company were long-term capital gain as reported or were ordinary income as determined by the Commissioner; (2) whether interests paid on borrowed money...
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