INTERCOUNTY DEVELOPMENT CORP. v. COMMISSIONER

Docket No. 77830.

20 T.C.M. 1071 (1961)

T.C. Memo. 1961-217

Intercounty Development Corp. v. Commissioner.

United States Tax Court.

Filed July 31, 1961.


Attorney(s) appearing for the Case

Michael L. Friedman, Esq., for the petitioner. Ronald S. Schacht, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

TIETJENS, Judge:

The Commissioner determined a deficiency in petitioner's income tax for 1955 in the amount of $7,006.16. The issues presented are: (1) whether the gain from the sale of land was properly excluded by petitioner from its gross income under section 337, Internal Revenue Code of 1954; (2) whether petitioner is entitled to a bad debt deduction; and (3) whether petitioner is entitled to a deduction...

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