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INTERNATIONAL STATE BANK v. COMMISSIONER

Docket No. 9343-74.

70 T.C. 173 (1978)

INTERNATIONAL STATE BANK, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed May 8, 1978.

Attorney(s) appearing for the Case

Paul A. Kastler, for the petitioner.

Fredrick B. Strothman, for the respondent.

FAY, Judge:

Respondent determined the following deficiencies in petitioner's Federal income taxes:

     Year                          Deficiency
     1970 ----------------------    $2,832.81
     1971 ----------------------     8,496.20

Due to concessions, the sole issue remaining is whether the basis of certain assets received by petitioner upon the liquidation of its wholly owned subsidiary should be computed by reference...

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