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TEXAS GAS DISTRIBUTING CO. v. COMMISSIONER

Docket No. 112785.

3 T.C. 57 (1944)

TEXAS GAS DISTRIBUTING COMPANY, BY H. HARPER McKEE, TRUSTEE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated January 18, 1944.

Attorney(s) appearing for the Case

C. F. Rothenburg, Esq., for the petitioner.

P. J. Cavanaugh, Esq., for the respondent.

The respondent determined deficiencies of $9,232.11 and $5,177.71 in the petitioner's income tax and excess profits tax, respectively, for the taxable year ended June 30, 1941.

The issues are (1) the correct amount of taxable gain or loss upon the sale of the petitioner's assets; and

(2) the inclusion in the petitioner's income of $3,438.59 representing reserve amounts closed out to surplus on December 31, 1940.

FINDINGS OF FACT.

Certain...

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