MOUNT VERNON GARDENS, INC. v. COMMISSIONER

Docket No. 67301.

34 T.C. 598 (1960)

MOUNT VERNON GARDENS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 28, 1960.


Attorney(s) appearing for the Case

Charles W. Davis, Esq., and John C. Walker, Esq., for the petitioner.

David M. Robinson, Esq., for the respondent.


MULRONEY, Judge:

The respondent determined deficiencies in petitioner's income tax for its fiscal year ended October 28, 1954, in the amount of $31,350.50, and for its fiscal year ended October 27, 1955, in the amount of $44,871.42. The sole issue for decision is whether respondent was correct in including in petitioner's gross income that portion of the proceeds from the sale of burial spaces turned over by petitioner to a trustee of a development trust fund...

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