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PEKRAS v. COMMISSIONER

Docket Nos. 112359, 112360.

2 T.C.M. 195 (1943)

Claire A. Pekras v. Commissioner. John Pekras v. Commissioner.

United States Tax Court.

Entered May 31, 1943.

Attorney(s) appearing for the Case

R. H. Rico, Esq., 814 Elyria Savings Bank, Elyria, O., for the petitioners. W. W. Kerr, Esq., for the respondent.

Memorandum Opinion

STERNHAGEN, Judge:

The Commissioner determined a deficiency of $3,469.32 in Claire A. Pekras' 1940 income tax and a deficiency of $4,158.06 in John Pekras' 1940 income tax. He determined that leaseholds were not capital assets within the meaning of Section 117(a)(1), Internal Revenue Code, and that the gains realized on their sale were not subject to percentage limitations. The facts are all stipulated.

[The Facts]

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