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RONDY, INC. v. COMMISSIONER

Docket No. 4325-94.

70 T.C.M. 332 (1995)

T.C. Memo. 1995-372

Rondy, Inc. v. Commissioner.

United States Tax Court.

Filed August 8, 1995.

Attorney(s) appearing for the Case

Jerome J. Joondeph, Akron, Ohio, for the petitioner. Jeffry J. Erney, for the respondent.

MEMORANDUM OPINION

RAUM, Judge:

The Commissioner determined a $155,282 deficiency in income taxes for petitioner's fiscal year ending September 30, 1989. The issue before us is whether section 481(a)1 adjustments included in income during the year at issue are subject to the section 1374 built-in gains tax. The case was submitted fully stipulated.

Petitioner, Rondy, Inc., is an Ohio corporation with its principal place...

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