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W. A. DRAKE, INC. v. COMMISSIONER

Docket No. 1278.

3 T.C. 33 (1944)

W. A. DRAKE, INC., PETITIONER. v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated January 15, 1944.

Attorney(s) appearing for the Case

Alden T. Hill, Esq., for the petitioner.

Gene W. Reardon, Esq., for the respondent.

OPINION.

MELLOTT, Judge:

The Commissioner determined a deficiency in income tax of $1.492.82 and in declared value excess profits tax of $495.44 for the fiscal year ended June 30, 1941. The sole question is whether a loss, sustained by petitioner upon the sale of a farm to one of its stockholders, is deductible from gross income or whether section 24 (b) (1) (B), I. R. C., prevents the allowance of the loss as a deduction.

The facts are found...

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