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KANAWHA VALLEY BANK v. COMMISSIONER

Docket No. 3029.

4 T.C. 252 (1944)

THE KANAWHA VALLEY BANK, A CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated October 31, 1944.

Attorney(s) appearing for the Case

Charles W. Moxley, Esq., for the petitioner.

E. L. Corbin, Esq., for the respondent.

Respondent has determined deficiencies in income taxes for the calendar years 1940 and 1941 in the amounts of $1,584.70 and $1,205.34, respectively. The issue is the correctness of respondent's action in treating as ordinary income, includible in its full amount in gross income, the gain derived by petitioner in sales of certain real estate and securities, petitioner having reported the profit from these transactions as short term capital gains includible in gross income...

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