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AUGUST v. COMMISSIONER

Docket No. 368-62.

23 T.C.M. 24 (1964)

T.C. Memo. 1964-6

Michael August and Reba M. August, his wife v. Commissioner.

United States Tax Court.

Filed January 14, 1964.

Attorney(s) appearing for the Case

D. Arthur Magaziner, 1616 Walnut St., Philadelphia, Pa., for the petitioners. William J. Hagan, for the respondent.

Memorandum Findings of Fact and Opinion

MULRONEY, Judge:

The respondent determined a deficiency in petitioners' 1950 income tax in the amount of $1,803.04.

The issue is whether in computing gain on the sale of real estate in 1949 and 1950 petitioners can include in the adjusted basis, the real estate taxes paid during prior years, to the extent that the tax deductions for said years did not result in income tax benefits.

Findings of Fact...

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