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NORTHWESTERN TERRA COTTA CORPORATION v. COMMISSIONER

Docket No. 67183.

34 T.C. 886 (1960)

NORTHWESTERN TERRA COTTA CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 19, 1960.

Attorney(s) appearing for the Case

Walter Wm. Pearson, Esq., for the petitioner.

Don S. Harnack, Esq., for the respondent.

MULRONEY, Judge:

The respondent determined deficiencies in petitioner's income tax in the amounts of $10,787.75 and $52,678.24, for the years 1952 and 1953, respectively. Petitioner corporation sold real property in the taxable years in question. In reporting gain or loss it claimed its transferor's basis under section 113(a) (22), I.R.C. 1939,1 alleging that it had received the property through a court-approved plan of reorganization...

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