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ANOVER REALTY CORP. v. COMMISSIONER

Docket No. 65810.

33 T.C. 671 (1960)

ANOVER REALTY CORP., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed January 13, 1960.

Attorney(s) appearing for the Case

Norman B. Sobler, Esq., for the petitioner.

Jules W. Breslow, Esq., for the respondent.

OPINION.

MULRONEY, Judge:

Respondent determined deficiencies in petitioner's income tax of $3,007.31 for the fiscal year ended November 30, 1952, and of $1,416 for the fiscal year ended November 30, 1953. Because of certain concessions by the parties, none of the deficiency for fiscal 1953 remains in issue.

The question for decision is whether petitioner, the transferee of mortgaged realty, is entitled to amortize and deduct a pro rata share...

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