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WOOD COUNTY TELEPHONE CO. v. C.I.R.

Docket No. 971-66.

51 T.C. 72 (1968)

WOOD COUNTY TELEPHONE COMPANY, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 21, 1968.

Attorney(s) appearing for the Case

Roger L. Gierhart and James Siehr, for the petitioner.

Robert M. Burns, for the respondent.

WITHEY, Judge:

Respondent determined a deficiency in petitioner's corporate income tax for the calendar year 1962 in the amount of $29,710.78.

The principal issue presented is whether petitioner is entitled to an abandonment loss under section 165 of the Internal Revenue Code of 19541 in the amount of $57,136.12 in connection with its acquisition of the Rudolph Telephone Co. (hereinafter referred to as Rudolph) in 1961 and its...

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