P.J. ANDERSON & SONS v. COMMISSIONER

Docket No. 21927-81.

46 T.C.M. 382 (1983)

T.C. Memo. 1983-323

P.J. Anderson & Sons v. Commissioner.

United States Tax Court.

Filed June 7, 1983.


Attorney(s) appearing for the Case

John R. Kline, 406 Fuller Ave., Helena, Mont. and Johnette Sullivan, for the petitioner. Richard W. Kennedy and R. Alan Lockyear, for the respondent.


Memorandum Findings of Fact and Opinion

DAWSON, Judge:

Respondent determined a deficiency in petitioner's Federal income tax for the taxable year ended June 30, 1976 in the amount of $92,443.28. The principal issue for decision is whether petitioner's subsidiary forgave petitioner's debt during the year in issue. If we answer this question in the affirmative, we must then decide whether such forgiveness constitutes...

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