PHIPPS INDUSTRIAL LAND TRUST v. COMMISSIONER

Docket No. 2277-62.

22 T.C.M. 1724 (1963)

T.C. Memo. 1963-329

Phipps Industrial Land Trust v. Commissioner.

United States Tax Court.

Filed December 19, 1963.


Attorney(s) appearing for the Case

Delman H. Eure and Irving H. Bull, 161 E. 42nd St., New York, N. Y., for the petitioner. Charles M. Greenspan, for the respondent.


Memorandum Findings of Fact and Opinion

WITHEY, Judge:

A deficiency in the income tax of petitioner for its taxable year 1957 has been determined by respondent in the amount of $13,105.48. The sole issue presented by the pleadings is the amount of capital gain realized by petitioner in 1953 upon its sale of real property. Disposition of this issue will be determinative of the amount of petitioner's net operating loss and net long-term capital gain for 1957...

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