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WEXFORD HALL, INC. v. COMMISSIONER

Docket No. 62584.

17 T.C.M. 918 (1958)

T.C. Memo. 1958-182

Wexford Hall, Inc. v. Commissioner.

United States Tax Court.

Filed October 9, 1958.

Attorney(s) appearing for the Case

Stanley P. Wagman, Esq., for the petitioner. Martin D. Cohen, Esq., for the respondent.

Memorandum Opinion

RAUM, Judge:

The Commissioner determined a deficiency in income tax for the year 1951 in the amount of $11,959.69. The only adjustment presently in issue was explained by the Commissioner as follows:

"(a) It is held that the amount of $46,845.00 received by you in the year ended December 31, 1951 in consideration of placing of a mortgage in the amount of $1,041,000.00 constitutes ordinary income for that year within the purview...

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