AMERICAN SPRING & WIRE SPECIALTY CO. v. COMMISSIONER

Docket No. 72374.

20 T.C.M. 116 (1961)

T.C. Memo. 1961-26

American Spring & Wire Specialty Co. v. Commissioner.

United States Tax Court.

Filed January 31, 1961.


Attorney(s) appearing for the Case

Rayford W. Lemley, Esq., for the petitioner. Don S. Harnack, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

FORRESTER, Judge:

Respondent has determined a deficiency of $5,200 in petitioner's income tax for the year 1955. The sole issue for our determination is whether petitioner may deduct a payment made to obtain early possession of improved land, the improvement to be demolished upon acquisition in order to erect a new building on the site.

Findings of Fact

Substantially all of the facts have been stipulated...

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