HENRY H. SHEIP MANUFACTURING CO. v. COMMISSIONER

Docket No. 20593.

8 T.C.M. 673 (1949)

Henry H. Sheip Manufacturing Co. v. Commissioner.

United States Tax Court.

Entered July 29, 1949.


Attorney(s) appearing for the Case

Paul N. Weiner, Esq., 285 Madison Ave., New York, N. Y., for the petitioner. W. Morgan Hunter, Esq., for the respondent.


Memorandum Opinion

OPPER, Judge:

Deficiencies in petitioner's income taxes for 1943 and 1945 in the respective amounts of $5,470.94 nd $2,996.87 all of which are in issue were determined by respondent. The sole question is petitioner's basis for bonds it sold in 1945 and upon which it reported a smaller gain than respondent determined to be proper. 1943 is involved only by reason of a net loss carryback which it is agreed will stand or fall according to...

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