WEATHER-SEAL, INC. v. COMMISSIONER

Docket No. 93799.

22 T.C.M. 471 (1963)

T.C. Memo. 1963-102

Weather-Seal, Inc. v. Commissioner.

United States Tax Court.

Filed April 8, 1963.


Attorney(s) appearing for the Case

David H. Wilson, Esq., 500 First National Tower, Akron, Ohio, for the petitioner. Eugene S. Linett, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

TRAIN, Judge:

Respondent determined deficiencies in income tax liability for the petitioner for fiscal years ended May 31, 1957, and May 31, 1958, in the amounts of $7,584.65 and $28,796.98, respectively, and an overassessment for fiscal year ended May 31, 1956, in the amount of $30,369.10.

The only issue for decision is whether the sale of stock in two wholly-owned corporations resulted in an ordinary loss...

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