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10-42 CORP. v. COMMISSIONER

Docket No. 3720-67.

55 T.C. 593 (1971)

10-42 CORPORATION, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed January 6, 1971.

Attorney(s) appearing for the Case

Donald Steinberg, for the petitioner.

Harvey R. Poe, for the respondent.

TIETJENS, Judge:

The Commissioner determined a deficiency in petitioner's Federal income tax for the taxable year ending June 30, 1961, in the amount of $25,806.83. Due to a concession by petitioner, there are only two issues remaining for our decision. The first is whether petitioner is entitled to report the gain on the sale of real property under the installment method of section 453, I.R.C. 1954.

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