DEER PARK COUNTRY CLUB v. COMMISSIONER

Docket No. 26210-93.

70 T.C.M. 1445 (1995)

T.C. Memo. 1995-567

Deer Park Country Club v. Commissioner.

United States Tax Court.

Filed November 28, 1995.


Attorney(s) appearing for the Case

John S. Elias, Peoria, Ill., for the petitioner. William I. Miller, for the respondent.


MEMORANDUM OPINION

HAMBLEN, Chief Judge:

Deer Park Country Club (petitioner) is a nonprofit Illinois corporation qualifying as a social club that is exempt from taxation under section 501(c)(7).1 Respondent determined a deficiency of $33,782 in petitioner's Federal income tax liability for its taxable year ended October 31, 1987.2 The sole issue for decision is whether the gain that petitioner realized...

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