PARK REALTY CO. v. COMMISSIONER

Docket No. 12676-79.

77 T.C. 412 (1981)

PARK REALTY COMPANY, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 13, 1981.


Attorney(s) appearing for the Case

James T. Mohan, for the petitioner.

Thomas C. Borders, for the respondent.


EKMAN, Judge:

Respondent determined a deficiency in petitioner's Federal income taxes for 1972 and 1975 in the amounts of $34,643 and $21,295, respectively. Due to concessions by the parties, the sole issue remaining for decision is whether payments received by petitioner from a partnership of which it was a partner constitute proceeds from the sale of property to the partnership taxable pursuant to section 707(a)

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