FOXON COMPANY v. COMMISSIONER

Docket No. 48145.

14 T.C.M. 169 (1955)

T.C. Memo. 1955-49

The Foxon Company v. Commissioner.

United States Tax Court.

Filed February 28, 1955.


Attorney(s) appearing for the Case

Stuart H. Tucker, Esq., 111 Westminster Street. Providence, R. I., for the petitioner. Jack H. Calechman, Esq., for the respondent.


Memorandum Opinion

JOHNSON, Judge:

Respondent has determined a deficiency in corporate income tax for 1950 in the amount of $2,059.08. All of the deficiency is not in dispute, but the sole issue before us is whether petitioner received a taxable gain on the sale of treasury stock.

[Findings of Fact]

All facts were stipulated and are so found.

Petitioner was organized and incorporated under the laws of the State of Rhode Island...

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