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F. R. McABEE INCORPORATED v. COMMISSIONER

Docket No. 38983.

12 T.C.M. 633 (1953)

F. R. McAbee, Incorporated v. Commissioner.

United States Tax Court.

Entered June 4, 1953.

Attorney(s) appearing for the Case

S. Harold Shefelman, Esq., 1612 Northern Life Tower, Seattle, Wash., for the petitioner. John H. Welch, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

TIETJENS, Judge:

The Commissioner determined a deficiency of $19,399.03 in income tax of the petitioner for its fiscal year ended March 31, 1947.

The question for decision is whether or not the Commissioner erred in treating the petitioner's gain on the sale of 72 homes during the taxable year as ordinary income rather than long-term capital gain under section 117 (j), Internal Revenue Code.

Findings...

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