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HOLLYWOOD, INC. v. COMMISSIONER

Docket No. 5641.

10 T.C. 175 (1948)

HOLLYWOOD, INC., A FLORIDA CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated January 30, 1948.

Attorney(s) appearing for the Case

Douglas D. Felix, Esq., for the petitioner.

Edward L. Potter, Esq., for the respondent.

Respondent determined deficiencies of $1,092.14 and $1,136.83 in petitioner's income and declared value excess profits taxes, respectively, for the year 1939.

The single issue is the proper basis for computing petitioner's gain or loss from the sale or other disposition of certain properties obtained under a contract dated January 22, 1931.

The record consists of a stipulation of facts and exhibits thereto and some oral testimony.

FINDINGS OF FACT...

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