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CARL MARKS & CO. v. COMMISSIONER

Docket No. 15187.

12 T.C. 1196 (1949)

CARL MARKS & CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 30, 1949.

Attorney(s) appearing for the Case

Jacob J. Mertens, Jr., Esq., and Orrin Judd, Esq., for the petitioner.

W. A. Schmitt, Esq., for the respondent.

Respondent determined a deficiency in petitioner's excess profits tax for the year ended December 31, 1942, in the amount of $193,267, and also determined an overassessment of petitioner's income tax liability in the amount of $53,836.54. Respondent conceded part of the deficiency determined at the hearing. The basic question presented is whether the gains realized by petitioner upon the sale of certain foreign and domestic securities...

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