MASSEY-FERGUSON, INC. v. COMMISSIONER

Docket No. 2923-70.

59 T.C. 220 (1972)

MASSEY-FERGUSON, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 8, 1972.


Attorney(s) appearing for the Case

Don S. Harnack and David H. Hopkins, for the petitioner.

Rex A. Guest, for the respondent.


SIMPSON, Judge:

The respondent determined a deficiency of $17,811 in the petitioner's 1961 Federal income tax. The only issue for decision is whether the petitioner is entitled to a loss for the abandonment of certain intangible assets in 1961.

FINDINGS OF FACT

Some of the facts have been stipulated, and those facts are so found.

The petitioner, Massey-Ferguson, Inc. (M-F, Inc.), is a Maryland corporation, which had its principal place...

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