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FASHION PARK, INC. v. COMMISSIONER

Docket No. 37054.

21 T.C. 600 (1954)

FASHION PARK, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated January 26, 1954.

Attorney(s) appearing for the Case

Scott Stewart, Jr., Esq., for the petitioner.

John J. O'Toole, Esq., for the respondent.

Respondent has determined deficiencies in income tax against the petitioner for the fiscal years ended November 30, 1947 and 1948, in the respective amounts of $4,533.40 and $15,390.49. These deficiencies arise through the inclusion in petitioner's income in those years of amounts represented by the difference between the price paid by petitioner in the acquisition of its own bonds which it retired in those years and the face amount of such bonds.

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