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BENNETT'S TRAVEL BUREAU, INC. v. COMMISSIONER

Docket No. 54126.

29 T.C. 350 (1957)

BENNETT'S TRAVEL BUREAU, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 25, 1957.

Attorney(s) appearing for the Case

George Clott, Esq., and Theodore Witkin, Esq., for the petitioner.

William F. Chapman, Esq., and William G. O'Neil, Esq., for the respondent.

FISHER, Judge:

This proceeding involves a deficiency in income tax determined against petitioner in the amount of $13,516.47 for the taxable year ended December 31, 1949.

The issues presented for our consideration are (1) whether petitioner realized ordinary gain in the amount of $25,077.61 in 1949, upon the discharge of an indebtedness to Bennett's Oslo by the payment of the obligation in kroner after the devaluation of the krone; and (2) whether the...

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