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STANDARD ENVELOPE MANUFACTURING COMPANY v. COMMISSIONER

Docket No. 22112.

15 T.C. 41 (1950)

THE STANDARD ENVELOPE MANUFACTURING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated July 31, 1950.

Attorney(s) appearing for the Case

William A. Polster, Esq., and David A. Gaskill, Esq., for the petitioner.

C. E. Price, Esq., for the respondent.

The respondent has determined that there is deficiency in excess profits tax for 1944 in the amount of $99,135.77. The determination results from disallowance of four items deducted by the petitioner. Two of the adjustments are not contested by the petitioner. The items remaining in dispute are disallowance of an alleged loss of $120,065.47 upon the sale of real property, and of expenses of $2,852 incident to the sale, or a total of $122,917.47. The petitioner now contends...

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