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SANTA ANITA CONSOLIDATED, INC. v. COMMISSIONER

Docket No. 3577-65.

50 T.C. 536 (1968)

SANTA ANITA CONSOLIDATED, INC. (FORMERLY LOS ANGELES TURF CLUB, INC.), PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 2, 1968.

Attorney(s) appearing for the Case

Maynard J. Toll, Bennett W. Priest, and Stanton H. Zarrow, for the petitioner.

Myron A. Weiss and Allan Teplinsky, for the respondent.

FEATHERSTON, Judge:

Respondent determined deficiencies in petitioner's Federal corporate income tax as follows:

TYE Oct. 31—                                            Amount

1956 ---------------------------------------------    $700,575.38
1958 ---------------------------------------------         207.99
1959 ---------------------------------------------   1,586,790.02

Certain issues have been conceded by the...

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