NEWBERRY v. COMMISSIONER

Docket No. 2480.

4 T.C.M. 589 (1945)

Truman H. Newberry v. Commissioner.

United States Tax Court.

June 6, 1945.


Attorney(s) appearing for the Case

H. A. Mihills, C. P. A., 917 Munsey Bldg., Washington, D. C., and James Turner, Esq., for the petitioner. Philip M. Clark, Esq, for the respondent.


Memorandum Findings of Fact and Opinion

SMITH, Judge:

This proceeding is for the redetermination of deficiencies in income tax for 1939 and 1940 of $7,371.03 and $3,875.92, respectively.

The questions in issue are (1) whether the basis for computing gain or loss upon the redemption of bonds of certain political subdivisions of the State of Florida in 1939 and 1940 was the fair market value of substituted bonds at the date they were exchanged for...

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