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FIRST NORTHWEST INDUSTRIES OF AMERICA, INC. v. COMMISSIONER

Docket No. 8899-73.

70 T.C. 817 (1978)

FIRST NORTHWEST INDUSTRIES OF AMERICA, INC., SUCCESSOR IN INTEREST TO SEATTLE SUPERSONICS CORPORATION, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed September 6, 1978.

Attorney(s) appearing for the Case

Woolvin Patten and Rodney J. Waldbaum, for the petitioner.

Darrell D. Hallett and Robert J. Chicoine, for the respondent.

STERRETT, Judge:

Respondent determined deficiencies in petitioner's corporate Federal income taxes for its fiscal years ended May 31, 1969 and 1970, in the amounts of $53,808.21 and $165,302.11, respectively1 This controversy stems from petitioner's purchase, in 1967, of a National Basketball Association (hereinafter NBA) expansion franchise, the Seattle SuperSonics (hereinafter sometimes...

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