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SMITH v. COMMISSIONER

Docket No. 555-70.

56 T.C. 1249 (1971)

O. J. SMITH AND MINNIE R. SMITH, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 31, 1971.

Attorney(s) appearing for the Case

Jeff D. Batts, for the petitioners.

Steve C. Horowitz, for the respondent.

IRWIN, Judge:

Respondent determined a deficiency in petitioners' income tax for 1968 in the amount of $8,986.88. The deficiency arises from petitioners' treatment of the gain realized on the sale of a 1-acre lot from a particular tract of their land. Another portion of this same tract had previously been taken for public use in a condemnation proceeding. The sole issue for determination is whether the sale falls within the ambit of section 1033(a)(3)(A) of...

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