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MILL LANE CLUB, INC. v. COMMISSIONER

Docket No. 46759.

23 T.C. 433 (1954)

MILL LANE CLUB, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 30, 1954.

Attorney(s) appearing for the Case

Samuel B. Seidel, Esq., for the petitioner.

Donald J. Fortman, Esq., for the respondent.

This case involves the liability of the petitioner for income taxes for the year 1928 in the amount of $3,139.97. The question to be decided is whether the petitioner, a social club, was exempt from income taxes for the last year of its operation. The question occurs because the petitioner, intending to dissolve, sold its clubhouse at a profit and included the proceeds of the sale among the assets distributed to its members when the...

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