City Investing Co. v. Commissioner

CITY INVESTING COMPANY, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent

City Investing Co. v. Commissioner

Docket No. 17739-82.

United States Tax Court

T.C. Memo 1987-36; 1987 Tax Ct. Memo LEXIS 36; 52 T.C.M. (CCH) 1422; T.C.M. (RIA) 87036;

January 15, 1987.

John S. Breckinridge, Jr. and F. Brook Voght, for the petitioner.

David N. Brodsky and Robert J. Foley, for the respondent.

GERBER

MEMORANDUM FINDINGS OF FACT AND OPINION

GERBER, Judge: Respondent determined deficiencies in petitioner's Federal income tax for taxable years 1968, 1969 and 1970 as follows:

Year

Deficiency

1968

$208,673

1969

19,78…