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ELLIOT KNITWEAR PROFIT SHARING PLAN v. COMMISSIONER

Docket No. 2725-77.

71 T.C. 765 (1979)

ELLIOT KNITWEAR PROFIT SHARING PLAN, LOUIS M. LEMPKE, TRUSTEE BY HERMAN GROSS, SUBSTITUTE TRUSTEE, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed February 12, 1979.

Attorney(s) appearing for the Case

J. Earl Epstein and Barry M. Harvis, for the petitioner.

Marc A. Feller, for the respondent.

OPINION

TIETJENS, Judge:

Respondent has determined a deficiency in petitioner's Federal income tax for the taxable year ending April 30, 1972, in the amount of $20,719. The issue is whether income from securities purchased on margin by a qualified profit sharing plan is subject to the tax imposed by section 511 on unrelated business income.

This case was fully stipulated pursuant to Rule 122, Tax Court Rules of Practice and Procedure. The...

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