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CUMMER SONS CYPRESS COMPANY v. COMMISSIONER

Docket No. 110641.

5 T.C.M. 201 (1946)

Cummer Sons Cypress Company v. Commissioner.

United States Tax Court.

Entered March 14, 1946.

Attorney(s) appearing for the Case

John W. Donahoo, Esq., and E. W. Mitchell, Esq., 801 Florida Nat'l Bank Bldg., Jacksonville, Fla., for the petitioner. R. E. Smith, Esq., for the respondent.

Memorandum Opinion

HARLAN, Judge:

Respondent determined a deficiency in the income tax of petitioner in the amount of $26,501.29 for the calendar year 1940.

The issues are:

Did the 4,997 shares of capital stock of The Cummer Company cost the petitioner the sum of $1,494,623.22, or $704,587.50? If the latter, is that portion of the total distributions of $816,334.81 received by petitioner in 1940 which exceeds the cost basis, or $111,747.31...

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