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C. G. WILLIS, INCORPORATED v. COMMISSIONER

Docket No. 95319.

41 T.C. 468 (1964)

C. G. WILLIS, INCORPORATED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed January 13, 1964.

Attorney(s) appearing for the Case

David P. Brown, Jr., for the petitioner.

Stephen P. Cadden, for the respondent.

MULRONEY, Judge:

The respondent determined a deficiency in petitioner's income tax for 1958 in the amount of $44,893.21. In an amendment to his answer the respondent claimed an additional deficiency of $246.60 in income tax for 1958, which petitioner does not contest. The sole issue is whether the gain realized by petitioner from the sale of its motor vessel in 1958 qualifies under the nonrecognition provisions of section...

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