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HARBOR BUILDING TRUST v. COMMISSIONER

Docket No. 20077.

16 T.C. 1321 (1951)

HARBOR BUILDING TRUST, ROBERT L. MOORE, TRUSTEE, A TRUST ORGANIZED UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS BY A DECLARATION OF TRUST DATED JANUARY 6, 1939, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 12, 1951.

Attorney(s) appearing for the Case

David Burstein, Esq., for the petitioner.

Paul P. Lipton, Esq., and James R. McGowan, Esq., for the respondent.

The Commissioner determined deficiencies in petitioner's income tax for its fiscal years ending in 1945, 1946, and 1947 in the respective amounts of $3,644.02, $4,475.03, and $19,486.67.

Two principal questions are presented: (1) Was petitioner entitled to use the adjusted basis of a prior owner, Harbor Trust Incorporated, in computing its depreciation? (2) Did petitioner realize income in 1947 on account of a refund in that year of real estate taxes paid to

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