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BLACK INDUSTRIES, INC. v. COMMISSIONER

Docket No. 5286-76.

38 T.C.M. 242 (1979)

T.C. Memo. 1979-61

Black Industries, Inc. v. Commissioner.

United States Tax Court.

Filed February 22, 1979.

Attorney(s) appearing for the Case

Thomas J. Stevens, 1821 Hillandale, Durham, N.C. for the petitioner. William S. Patterson and Frank C. McClanahan III for the respondent.

Memorandum Findings of Fact and Opinion

SIMPSON, Judge:

The Commissioner determined deficiencies in the petitioner's Federal income taxes as follows:

Taxable Year Ended
   September 30              Deficiency

       1972 .............    $ 4,800.79
       1973 .............     28,387.39

The parties have settled or conceded certain issues. The issue for decision is whether the price paid for the purchase of business assets is...

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