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TELEPHONE ANSWERING SERVICE CO., INC. v. COMMISSIONER

Docket No. 1544-69.

63 T.C. 423 (1974)

TELEPHONE ANSWERING SERVICE CO., INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed December 24, 1974.

Attorney(s) appearing for the Case

John S. McDaniel, Jr., Calhoun Bond, and Lawrence A. Kaufman, for the petitioner.

Eli H. Schmukler, for the respondent.

OPINION

TANNENWALD, Judge:

Respondent determined deficiencies of $8,527.55 and $72,329.02 in the Federal income taxes of petitioner, which filed consolidated returns, for the taxable years ended November 30, 1965, and November 30, 1966, respectively. Concessions having been made, the sole issue for determination is whether the gain realized by petitioner on the sale of all the stock of one of its subsidiaries to a third party is to be recognized....

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