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RUSS PRATER, INC. v. COMMISSIONER

Docket No. 29403.

11 T.C.M. 538 (1952)

Russ Prater, Inc. v. Commissioner.

United States Tax Court.

Entered May 29, 1952.

Attorney(s) appearing for the Case

Carl T. Smith, Esq., for the petitioner. George E. Gibson, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

Respondent determined a deficiency in petitioner's income tax of $20,195.44 for the taxable year ending February 28, 1947. The adjustment upon which the principal amount of the deficiency was computed is explained in the deficiency notice as follows:

"It is held that income in the amount of $161,795.21, reported in your return as capital gain, is ordinary income realized...

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