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SUNBURY TEXTILE MILLS, INC. v. COMMISSIONER

Docket No. 8280-74.

68 T.C. 528 (1977)

SUNBURY TEXTILE MILLS, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 21, 1977.

Attorney(s) appearing for the Case

John B. Huffaker and David Milne, for the petitioner.

Gerald V. May, Jr., for the respondent.

WILBUR, Judge:

Respondent determined a deficiency in petitioner's Federal income tax of $840 for the taxable year ending April 30, 1970, and $69,607 for the taxable year ending April 30, 1971. These deficiencies were based on respondent's determination that property on which the petitioner had claimed the investment credit did not qualify as "section 38 property." Petitioner contends that such property was acquired...

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