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BOROUGH OPERATING CORP. v. COMMISSIONER

Docket No. 52189.

15 T.C.M. 1007 (1956)

T.C. Memo. 1956-192

Borough Operating Corporation v. Commissioner.

United States Tax Court.

Filed August 27, 1956.

Attorney(s) appearing for the Case

J. H. Landman, Esq., 50 Broad Street, New York, N. Y., Richard G. Maloney, Esq., and Clarence Brazill, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The respondent determined a deficiency of $15,929.09 in the income tax of the petitioner for the year 1952. The sole issue is the amount of gain realized by the petitioner in 1952 on the sale of an installment obligation received in 1934 upon the sale of real property, which computation turns upon the value of an agreement to purchase certain property, certain plans and specifications for a theatre building, and a Keith franchise...

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