Crosby v. Commissioner

Bertha L. Crosby v. Commissioner.

Crosby v. Commissioner

Docket No. 79375.

United States Tax Court

T.C. Memo 1961-272; 1961 Tax Ct. Memo LEXIS 73; 20 T.C.M. (CCH) 1422; T.C.M. (RIA) 61272;

September 29, 1961

Albert Olsen, Esq., for the petitioner. Wilford H. Payne, Esq., for the respondent.

FAY

Memorandum Opinion

FAY, Judge: The Commissioner has determined a deficiency in petitioner's income tax for the year 1956 in the amount of $16,695.26. The only issue for decision is whether the basis of certain property is to be computed in accordance with section 1012 of the Internal Revenue Code of 1954 or…