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NEW JERSEY BANK AND TRUST COMPANY v. COMMISSIONER

Docket No. 4741-66.

27 T.C.M. 175 (1968)

T.C. Memo. 1968-38

New Jersey Bank and Trust Company v. Commissioner.

United States Tax Court.

Filed February 29, 1968.

Attorney(s) appearing for the Case

John W. Hand, 129 Market St., Paterson, N. J., and John J. White, for the petitioner. Leo A. Burgoyne, for the respondent.

Memorandum Findings of Fact and Opinion

TANNENWALD, Judge:

Respondent determined a deficiency in petitioner's income tax for 1961 in the amount of $12,173.52.

The only issue for decision is whether petitioner may claim a loss on the demolition of a building located on a portion of a property acquired by it for the purpose of erecting a branch office.

Findings of Fact

Some of the...

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