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COSBY REALTY COMPANY, INC. v. COMMISSIONER

Docket No. 46552.

13 T.C.M. 1011 (1954)

T. C. Memo. 1954-187

Cosby Realty Company, Inc., a corporation v. Commissioner.

United States Tax Court.

Filed October 29, 1954.

Attorney(s) appearing for the Case

Paul Johnston, Esq., First National Bank Building, Birmingham, Ala., for the petitioner. M. Preston White, Jr., Esq., and J. Frost Walker, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

JOHNSON, Judge:

Respondent determined a deficiency in petitioner's income tax for the period January 1, 1950, to October 18, 1950, in the amount of $65,614.78. The issue is whether in a liquidation and distribution of corporate assets there was a taxable gain to the liquidated corporation.

Findings of Fact

Cosby Realty Company, Inc., sometimes hereinafter referred to as the petitioner or the Realty...

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