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CITY BANK OF WASHINGTON v. COMMISSIOENR OF INTERNAL REVENUE

Docket No. 90485.

38 T.C. 713 (1962)

THE CITY BANK OF WASHINGTON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 23, 1962.

Attorney(s) appearing for the Case

Karl Riemer, Esq., for the petitioner.

William L. Kinzer, Esq., for the respondent.

MULRONEY, Judge:

The respondent determined deficiencies in the petitioner's income tax for the year 1956 in the amount of $117,753.72 and for the taxable period January 1, 1959, to May 29, 1959, in the amount of $258,838.57. The year 1956 is here involved solely because of respondent's disallowance of a net operating loss carryback to that year from 1959. The issues are (1) whether the loss realized by petitioner in the sale of certain United States Treasury...

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