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C-LEC PLASTICS, INC. v. COMMISSIONER

Docket No. 11811-78.

76 T.C. 601 (1981)

C-LEC PLASTICS, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed April 15, 1981.

Attorney(s) appearing for the Case

John O. Sitzler, for the petitioner.

Kenneth J. Rubin, for the respondent.

DRENNEN, Judge:

In the statutory notice of deficiency, respondent determined a deficiency in tax in the amount of $14,717.25 for petitioner's taxable year ended May 31, 1974. The only issue for our decision is, for purposes of section 165(a), I.R.C. 1954,1 to determine petitioner's adjusted basis in certain plastic molds and rings which were destroyed by fire.

FINDINGS OF FACT

Some of the facts were stipulated...

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