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REAL ESTATE INVESTMENT TRUST OF AMERICA v. COMMISSIONER

Docket No. 91582.

40 T.C. 921 (1963)

REAL ESTATE INVESTMENT TRUST OF AMERICA, O. KELLEY ANDERSON, JOHN H. GARDINER, CHARLES SEGAL, PHILIP H. THEOPOLD, FRANCIS C. WELCH, ROBERT S. FIFIELD AND HENRI BOURNEUF, TRUSTEES, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed September 4, 1963.

Attorney(s) appearing for the Case

Edward C. Thayer, for the petitioner.

J. Frost Walker, Jr., for the respondent.

OPINION

FAY, Judge:

Respondent determined deficiencies in petitioner's income tax for the taxable years ended May 31, 1959, and May 31, 1960, in the amounts of $120,707.29 and $26,325.38, respectively. The only issue1 remaining for decision is whether all or a part of the gain realized upon the sale of a promissory note which was originally acquired at a discount by the seller constitutes interest taxable as ordinary income...

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