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J. C. PENNEY CO. v. COMMISSIONER

Docket No. 73872.

37 T.C. 1013 (1962)

J. C. PENNEY COMPANY, TRANSFEREE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed March 6, 1962.

Attorney(s) appearing for the Case

Bernard J. Long, Esq., for the petitioner.

Theodore E. Davis, Esq., for the respondent.

OPINION.

TRAIN, Judge:

The Commissioner determined an overassessment of $171.17 for the taxable year ended December 31, 1953, and a deficiency of $471,029.11 for the period January 1, 1954, to November 30, 1954.

The sole question is whether the gain from the sale of certain property by J. C. Penney Building and Realty Corporation is to be recognized in view of its election to have section 392(b) of...

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