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FRIZZELLE FARMS, INC. v. COMMISSIONER

Docket No. 6837-70.

61 T.C. 737 (1974)

FRIZZELLE FARMS, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed March 13, 1974.

Attorney(s) appearing for the Case

Frank P. Meadows, Jr., and Jeff D. Batts, for the petitioner.

Harvey S. Jackson, for the respondent.

IRWIN, Judge:

Respondent determined a deficiency of $158,926.26 in the income tax of petitioner for 1968. Several questions were settled prior to trial, and petitioner conceded an alternative issue on brief.1 Accordingly, the only issue for decision is whether petitioner may report the gain realized on its exchange of 4,000 shares of Lorillard stock for debentures and stock warrants of Loew...

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