WARREN JONES CO. v. COMMISSIONER

Docket No. 424-71.

60 T.C. 663 (1973)

WARREN JONES COMPANY, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed August 7, 1973.


Attorney(s) appearing for the Case

Warren V. Clodfelter, for the petitioner.

Thomas N. Tomashek, for the respondent.


DAWSON, Judge:

Respondent determined a deficiency in petitioner's Federal income tax in the amount of $2,523.94 for the taxable year ended October 31, 1968. The only issue to be decided is whether the petitioner, a cash basis taxpayer, realized income in 1968 upon the sale of appreciated property in return for a deferred-payment obligation under a real estate contract.

FINDINGS OF FACT

Some facts have been stipulated by the parties and are...

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