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BRAUN v. COMMISSIONER

Docket No. 21481.

14 T.C. 473 (1950)

AUGUST BRAUN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 22, 1950.

Attorney(s) appearing for the Case

Murray M. Weinstein, Esq., Samuel J. Warms, Esq., and Edward Baumgarten, Esq., for the petitioner.

Maurice S. Bush, Esq., for the respondent.

Petitioner contests a deficiency in income tax of $26,226.40 for 1944. He concedes that a portion of the deficiency was correctly determined. The sole remaining issue is whether respondent was correct in determining that a certain transaction constituted a sale by petitioner of machinery above O.P.A. ceiling prices; that only the excess of the ceiling price over petitioner's adjusted basis is subject to section 117 of the Internal...

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