LUCKENBACH STEAMSHIP COMPANY, INC. v. COMMISSIONER

Docket No. 9781.

9 T.C. 662 (1947)

LUCKENBACH STEAMSHIP COMPANY, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated October 13, 1947.


Attorney(s) appearing for the Case

George E. Cleary, Esq., for the petitioner.

William B. Springer, Esq., for the respondent.


The Commissioner determined deficiencies in income tax and declared value excess profits tax of $848,932.61 and $105,917.26, respectively, for 1942. The question involved is whether certain gains are includible in income for 1942.

FINDINGS OF FACT.

Most of the facts were stipulated. Those material to the issue are as follows:

The petitioner for many years prior to 1942 was engaged in the operation of freight...

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