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SPECIALTY PAPER AND BOARD CO. v. COMMISSIONER

Docket No. 189-63.

24 T.C.M. 1085 (1965)

T.C. Memo. 1965-208

Specialty Paper and Board Co., Inc. v. Commissioner.

United States Tax Court.

Filed July 28, 1965.

Attorney(s) appearing for the Case

Herbert L. Zuckerman, 60 Park Place, Newark, N. J., for the petitioner. William F. Fallon, for the respondent.

Memorandum Findings of Fact and Opinion

TRAIN, Judge:

Respondent determined a deficiency in petitioner's 1960 income tax of $85,900.11. The parties have settled several issues, and only two questions remain for decision: (a) the value of stock received by petitioner as consideration for the transfer of its business assets and (b) the allowance of a depreciation deduction for certain of those assets in the year of transfer.

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