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METROPOLITAN BUILDING COMPANY v. COMMISSIONER

Docket No. 64913.

31 T.C. 971 (1959)

METROPOLITAN BUILDING COMPANY, A CORPORATION IN THE PROCESS OF VOLUNTARY DISSOLUTION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed February 11, 1959.

Attorney(s) appearing for the Case

James W. Johnston, Esq., for the petitioner.

T. M. Mather, Esq., for the respondent.

TRAIN, Judge:

Respondent determined deficiencies in petitioner's income and excess profits taxes for the fiscal year ended June 30, 1953, in the amount of $111,734.72, and for the fiscal year ended June 30, 1954, in the amount of $332,739.39.

The issues to be decided are (1) whether petitioner realized ordinary income or capital gain upon transferring certain leasehold interests to its lessor for which it received...

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