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STANLEY CO. OF AMERICA v. COMMISSIONER

Docket No. 15760.

12 T.C. 1122 (1949)

STANLEY COMPANY OF AMERICA, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 27, 1949.

Attorney(s) appearing for the Case

Lawrence A. Baker, Esq., for the petitioner.

William A. Schmitt, Esq., for the respondent.

OPINION.

BLACK, Judge:

The Commissioner has determined deficiencies in income tax against petitioner of $54,656.25 for the year ended August 31, 1936, and $36,000 for the year ended August 31, 1937. The deficiency for 1936 is based on several adjustments made by the Commissioner, only one of which is disputed. That adjustment is adjustment (a) and is as follows: "(a) Cancellation of mortgage indebtedness, $397,000.00." This adjustment is explained...

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