CONTINENTAL REALTY COMPANY v. COMMISSIONER

Docket No. 80.

3 T.C.M. 27 (1944)

Continental Realty Company v. Commissioner.

United States Tax Court.

Entered January 17, 1944.


Attorney(s) appearing for the Case

George L. Cassidy, Esq., for the petitioner. Melvin S. Huffaker, Esq., for the respondent.


Memorandum Opinion

STERNHAGEN, Judge:

The Commissioner determined the following deficiencies in the taxpayer's income and excess profits taxes:

                                  Declared Value
                    Income Tax    Excess Profits Tax

  1939..........    $   222.43
  1940..........      1,420.45      $1,040.73
  1941..........     12,418.86       3,744.48

The only item which the taxpayer assails is the recognition...

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