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PALM HOMES, INC. v. COMMISSIONER

Docket No. 29884.

11 T.C.M. 28 (1952)

Palm Homes, Inc. v. Commissioner.

United States Tax Court.

Entered January 17, 1952.

Attorney(s) appearing for the Case

H. P. Forrest, Esq., and Charles A. Morehead, Esq., for the petitioner. Newman A. Townsend, Jr., Esq., and Thomas C. Cravens, Jr., Esq., for the respondent.

Memorandum Findings of Fact and Opinion

This proceeding is brought for the redetermination of the following deficiencies in petitioner's income and excess profits taxes:

                              Declared      Excess
 Fiscal Year     Income     Value Excess    Profits
    Ended          Tax      Profits Tax       Tax

Mar. 31, 1946   $3,879.53    $3,085.49     $8,309.09
Mar. 31, 1947    3,953.53

The issue presented is whether gains...

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