LONE ROCK COOPERATIVE EXCHANGE v. COMMISSIONER

Docket No. 65067.

18 T.C.M. 103 (1959)

T.C. Memo. 1959-21

Lone Rock Cooperative Exchange, A Corporation v. Commissioner.

United States Tax Court.

Filed February 6, 1959.


Attorney(s) appearing for the Case

James M. Stewart, Esq., 707 Central National Building, Des Moines, Ia., for the petitioner. Ivan L. Onnen, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

PIERCE, Judge:

Respondent determined deficiencies in petitioner's income taxes as follows:

   Year Ended                   Deficiency
  May 31, 1954 ..............    $2,620.36
  May 31, 1955 ..............     4,962.76

The issues presented for decision are whether the petitioner, a non-tax-exempt farmers' cooperative association, is entitled to exclude from its gross income, as part of its...

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