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EDMONT HOTEL COMPANY v. COMMISSIONER

Docket No. 12327.

10 T.C. 260 (1948)

EDMONT HOTEL COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated February 10, 1948.

Attorney(s) appearing for the Case

Charles G. Dibell, Jr., Esq., for the petitioner.

D. Louis Bergeron, Esq., for the respondent.

OPINION.

JOHNSON, Judge.

The Commissioner determined deficiencies of $4,615.04 and of $2.32 in petitioner's income and declared value excess profits taxes, respectively, for the fiscal year ended August 31, 1943, in part by adding to income reported a gain of $10,000 determined realized by petitioner's acquisition and retirement of its bonds at less than par. Petitioner contends that the bondholders' surrender of the

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