BRADFORD HOTEL OPERATING CO. v. COMMISSIONER

Docket No. 51840.

26 T.C. 454 (1956)

BRADFORD HOTEL OPERATING CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 6, 1956.


Attorney(s) appearing for the Case

Phillip J. Nexon, Esq., and David H. Greenberg, Esq., for the petitioner.

Joseph Landis, Esq., for the respondent.


MULRONEY, Judge:

The respondent determined deficiencies in petitioner's income tax for the fiscal years ended August 31, 1948, 1949, and 1950, in the amounts of $20,132.95, $10,269.24, and $17,004.65, respectively. All issues with respect to 1948 and 1949, and certain issues with respect to 1950, have been settled. The only issue for decision is the amount of income petitioner-lessor realized in January 1950 when a lease was canceled by mutual agreement of...

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