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ESTATE OF SMITH v. COMMISSIONER

Docket No. 8425.

6 T.C.M. 358 (1947)

Estate of Hugh Smith, Deceased, The First National Bank of Memphis, Executor v. Commissioner.

United States Tax Court.

Entered March 31, 1947.

Attorney(s) appearing for the Case

F. E. Hagler, Esq., 2804 Sterick Bldg., Memphis 3, Tenn., for the petitioner. Frank M. Thompson, Jr., Esq., and S. Earl Heilman, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

TYSON, Judge:

The respondent determined deficiencies in income tax of $13,411.09 and $9,275.45 for the year 1939 and the period January 1 to August 25, 1940, respectively. The questions presented are whether the respondent erred: (1) in increasing closing inventory for 1939 by $21,750.90 and (2) in determining a longterm capital gain of $13,839.82 and $10,739.47 in 1939 and in the period from January 1 to August 25...

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