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TOLEDO, PEORIA & WESTERN RAILROAD COMPANY v. COMMISSIONER

Docket No. 2992-74.

35 T.C.M. 1663 (1976)

T.C. Memo. 1976-366

Toledo, Peoria & Western Railroad Company v. Commissioner.

United States Tax Court.

Filed December 2, 1976.

Attorney(s) appearing for the Case

Crane C. Hauser, One First Nat'l Plaza, Chicago, Ill. and Arthur I. Gould, for the petitioner. James F. Hanley, Jr., for the respondent.

Memorandum Findings of Fact and Opinion

WILES, Judge:

Respondent determined deficiencies of $32,764.24 and $21,723.31 in petitioner's Federal income taxes for the years 1965 and 1967, respectively. The only unresolved issue is whether net gains from real estate sales are taxable as capital gains or as ordinary income.

Findings of Fact

Some facts have been stipulated and are found accordingly.

Petitioner, Toledo, Peoria & Western...

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