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HUBERMAN v. COMMISSIONER

Docket No. 109627.

2 T.C.M. 378 (1943)

Dr. John Huberman v. Commissioner.

United States Tax Court.

Entered June 30, 1943.

Attorney(s) appearing for the Case

Samuel Klein, Esq., 60 Park Place, Newark, N. J., for the petitioner. Paul P. Lipton, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The respondent determined a deficiency in income tax against the petitioner for the year 1939 in the sum of $152.63. The sole issue raised by the pleadings is whether or not the petitioner realized a taxable profit during the taxable year as a result of repayment of a mortgage indebtedness by the transfer of stock having a cost basis to the petitioner of less than the amount of the indebtedness discharged.

Findings...

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