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TERMINAL STEAMSHIP CO. v. COMMISSIONER

Docket No. 77214.

34 T.C. 915 (1960)

TERMINAL STEAMSHIP COMPANY, INCORPORATED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 31, 1960.

Attorney(s) appearing for the Case

Herbert L. Cohen, Esq., for the petitioner.

James E. Markham, Jr., Esq., for the respondent.

ARUNDELL, Judge:

Respondent determined a deficiency in income tax for the calendar year 1955 of $23,338.60.

The only issue to be decided is whether the respondent erred in disallowing a part of a net operating loss carryover claimed by petitioner in 1955 by reason of respondent's determination that a net sum of $57,000 received in 1954 was ordinary income and not capital gain.

FINDINGS OF FACT.

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