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P. G. LAKE, INC. v. COMMISSIONER

Docket No. 48684.

24 T.C. 1016 (1955)

P. G. LAKE, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 20, 1955.

Attorney(s) appearing for the Case

Harry C. Weeks, Esq., for the petitioner.

Paul M. Newton, Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined deficiencies in income tax of $9,060.79 for 1949, $47,459.09 for 1950, and $12,026.24 for 1951 and a deficiency in excess profits tax for 1950 of $65,044.07. Two issues are presented for decision. One is whether the petitioner realized a long-term capital gain from the sale in 1950 of a portion of an interest in two oil and gas leases. The facts relating to this issue have been fully stipulated...

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