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DOWNTOWN PROPERTIES, INC. v. COMMISSIONER

Docket No. 41406.

12 T.C.M. 1309 (1953)

Downtown Properties, Inc., A Corporation v. Commissioner.

United States Tax Court.

Entered November 16, 1953.

Attorney(s) appearing for the Case

Winston B. McCall, Esq., and William S. Pritchard, Esq., 831 Frank Nelson Building, Birmingham, Ala., for the petitioner. S. Jarvin Levison, Esq., for the respondent.

Memorandum findings of fact and opinion

The Commissioner has determined a deficiency in petitioner's income tax for the fiscal year ending May 31, 1950 of $25,000. The deficiency is due to the addition to the income reported on petitioner's return of

"(a) Capital gain, $100,000." The adjustment is explained in the deficiency notice as follows:

"(a) It is held that the fair market value of the west half...

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