PEAVEY PAPER MILLS (INC.) v. COMMISSIONER

Docket No. 78859.

19 T.C.M. 1325 (1960)

T.C. Memo. 1960-237

Peavey Paper Mills (Inc.) v. Commissioner.

United States Tax Court.

Filed November 4, 1960.


Attorney(s) appearing for the Case

John S. Best, Esq., 110 E. Wisconsin Ave., Ladysmith, Wis., and Richard D. Hobbet, Esq., for the petitioner. Delman H. Eure, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

FISHER, Judge:

Respondent determined a deficiency in income tax of the petitioner as follows:

  Year            Tax      Deficiency

  1951 ......    Income    $355,761.96

The issues presented are as follows:

1. Whether a part of the contract price paid to petitioner's minority shareholder for his stock constituted additional consideration for petitioner's production and sale of newsprint...

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