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SEVIER TERRACE REALTY COMPANY v. COMMISSIONER

Docket No. 89822.

21 T.C.M. 1289 (1962)

T.C. Memo. 1962-242

Sevier Terrace Realty Company v. Commissioner.

United States Tax Court.

October 12, 1962.

Attorney(s) appearing for the Case

George D. Webster, Esq., 1000 Vermont Ave., N. W., Washington, D. C., for the petitioner. John W. Holt, Esq., and William C. Sabin, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

Respondent determined the following deficiencies in the income tax of petitioner:

  Year                    Deficiency

  1955 .................. $ 6,933.58
  1956 ..................   6,126.32
  1958 ..................  24,258.54

1. The principal question for all of the tax years relates to the basis of lots sold by the petitioner out of a tract of land. Petitioner's basis for the entire tract...

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