INTERNATIONAL FLAVORS & FRAGRANCES INC. v. COMMISSIONER

Docket No. 7768-70.

62 T.C. 232 (1974)

INTERNATIONAL FLAVORS & FRAGRANCES INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 16, 1974.


Attorney(s) appearing for the Case

George Rowe, Jr., and Michael J. Gaynor, for the petitioner.

Marion L. Westen and Warren W. Dill, for the respondent.


QUEALY, Judge:

Respondent has asserted a deficiency in the Federal corporate income tax of petitioner for the taxable year 1967 in the amount of $73,715.

Certain concessions having been made by the parties, the following issues remain for decision:

(1) Whether petitioner's gain on a contract for the short sale of 1.1 million pounds sterling, entered into with First National City Bank and subsequently sold or transferred to Amsterdam Overseas...

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