KING BROADCASTING COMPANY v. COMMISSIONER

Docket No. 1237-66.

48 T.C. 542 (1967)

KING BROADCASTING COMPANY, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 12, 1967.


Attorney(s) appearing for the Case

Robert S. Ivie, for the petitioner.

Lee A. Kamp, for the respondent.


OPINION

FAY, Judge:

Respondent determined a deficiency in petitioner's income tax for the calendar year 1962 in the amount of $69,336.67.

Certain issues raised in the pleadings have been disposed of by agreement of the parties prior to the trial herein. The sole issue left for decision is whether $67,800 realized by petitioner upon the assignment of Muzak subscribed contracts which were separately bargained for on the sale and assignment of...

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