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CONSOLIDATED NAVAL STORES CO. v. COMMISSIONER

Docket Nos. 17167, 18892.

9 T.C.M. 661 (1950)

Consolidated Naval Stores Co. v. Commissioner.

United States Tax Court.

Entered August 8, 1950.

Attorney(s) appearing for the Case

E. D. Treadwell, Jr., Esq., Arcadia, Fla., and Rex Meighen, C. P. A., First National Bank Bldg., Tampa, Fla., for the petitioner. Edward L. Potter, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The respondent determined income tax deficiencies in the amounts of $41,322.41 and $2,560.94 for the calendar years 1943 and 1944, respectively, due to various adjustments, not all of which are in controversy in these consolidated proceedings.

The sole issue as to both years is whether, in determining the ordinary gain realized or loss sustained upon the sale of certain lands,

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