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C. LUDWIG BAUMANN & CO. BROOKLYN v. COMMISSIONER

Docket No. 110283.

2 T.C.M. 188 (1943)

C. Ludwig Baumann & Company, Brooklyn v. Commissioner.

United States Tax Court.

Entered May 28, 1943.

Attorney(s) appearing for the Case

Jonas J. Shapiro, Esq., 285 Madison Ave., New York City, for the petitioner. Scott A. Dahlquist, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

Respondent has determined a deficiency in income tax for the calendar year 1939 in the sum of $2,677.32. Two issues are raised: (1) The deductibility of notes in the amount of $3,576.96 paid within the taxable year, which notes were assumed by petitioner in connection with the cancellation of a lease entered into by it, and (2) whether gain was realized by the liquidation of a note...

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