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HERZOG BUILDING CORPORATION v. COMMISSIONER

Docket No. 92607.

44 T.C. 694 (1965)

HERZOG BUILDING CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 2, 1965.

Attorney(s) appearing for the Case

Henry J. Jostock, for the petitioner.

Seymour I. Sherman, for the respondent.

FORRESTER, Judge:

The respondent has determined deficiencies in petitioner's income taxes for the calendar years 1955 and 1956 in the respective amounts of $63,821.98 and $117,233.44. The issues to be decided are (1) whether petitioner may deduct any part of an amount it agreed to pay for sewerage revenue bonds by allocating a part of such amount to its cost of lots sold to home buyers in 1955 and 1956; (2) whether petitioner may, by a similar procedure, deduct...

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