M.H.S. COMPANY, INC. v. COMMISSIONER

Docket No. 1299-74.

35 T.C.M. 733 (1976)

T.C. Memo. 1976-165

M.H.S. Company, Inc. v. Commissioner.

United States Tax Court.

Filed May 25, 1976.


Attorney(s) appearing for the Case

Lewis R. Donelson and Boyd L. Rhodes, Jr., Suite 2020, First National Bank Bldg., Memphis, Tenn. 38103, for the petitioner. John B. Harper and Jack D. Yarbrough, for the respondent.


Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent has determined deficiencies in the Federal income tax of petitioner M.H.S. Company, Inc. for its taxable years ended September 30, 1966, 1967, 1969 and 1970 in the amounts of $19,444.52, $62.13, $996.50 and $977.16, respectively.

The issue for decision is whether petitioner's investment of the proceeds it received upon the condemnation of real property held by it for productive use...

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