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RUTH E. AND RALPH FRIEDMAN FOUNDATION, INC. v. COMMISSIONER

Docket No. 234-76.

71 T.C. 40 (1978)

RUTH E. AND RALPH FRIEDMAN FOUNDATION, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed October 19, 1978.

Attorney(s) appearing for the Case

Frederick M. Bruell and Jesse Fishkin, for the petitioner.

Richard S. Kestenbaum, for the respondent.

OPINION

CHABOT, Judge:*

Respondent determined a deficiency of $1,217 in petitioner's excise tax under section 4940(a)1 for the calendar year 1973.

Two issues are presented for our consideration in this case, as follows:

Firstly, whether any gain on the sale of certain stock by petitioner is subject to the 4-percent excise tax on investment income of tax-exempt private foundations...

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