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SPANISH TRAIL LAND CO. v. COMMISSIONER

Docket No. 14063.

10 T.C. 430 (1948)

SPANISH TRAIL LAND COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 16, 1948.

Attorney(s) appearing for the Case

John D. Kelley, Esq., for the petitioner.

D. Louis Bergeron, Esq., for the respondent.

OPINION.

BLACK, Judge:

The Commissioner has determined a deficiency in petitioner's income tax for the year 1944 of $368.80 and a deficiency in petitioner's declared value excess-profits tax for the same year of $1,994.41. The deficiencies are due to adjustments made to net income as reported by petitioner's return, which were explained in the deficiency notice as follows:

(a & b) It is held that the real estate disposed of during the...

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