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COUNTRY CLUB ESTATES, INC. v. COMMISSIONER

Docket No. 44898.

22 T.C. 1283 (1954)

COUNTRY CLUB ESTATES, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 29, 1954.

Attorney(s) appearing for the Case

Erwin Lampe, Esq., and B. G. Thompson, Esq., for the petitioner.

Earl C. Crouter, Esq., for the respondent.

The respondent determined a deficiency in petitioner's income tax for 1948 in the amount of $55,350.07. The issues for determination are the correctness of the respondent's action (1) in determining that petitioner made taxable sales of subdivision lots in the ordinary course of business, and (2) in determining that the cost of land transferred to the Tucson Country Club and money loaned to the Tucson Country Club to construct a golf course should not be included in the cost...

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