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GENERAL ARTISTS CORPORATION v. COMMISSIONER

Docket No. 25416.

17 T.C. 1517 (1952)

GENERAL ARTISTS CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 18, 1952.

Attorney(s) appearing for the Case

Morton Miller, Esq., and Nathaniel Miller, C. P. A., for the petitioner.

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

The Commissioner determined a deficiency of $20,573.80 in excess profits tax of the petitioner for its fiscal year ended October 31, 1944. The only issue for decision is whether $38,860.53 received from MCA Artists, Ltd., is taxable as a long term capital gain or as ordinary income.

FINDINGS OF FACT.

The petitioner, a New York corporation, organized in 1933, filed its excess profits tax return for its fiscal year ended October 31, 1944,

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