Loughborough Dev. Corp. v. Commissioner

OPINION.

Seaavell:

The Commissioner determined a deficiency in income tax for the year 1927 in the amount of $9,173.54. The only question in issue is whether the facts connected with an exchange of real estate made by the petitioner during the year 1927 for other real estate, plus cash of $53,786.90, were such that under the provisions of section 203 (b) (1) and (d) (1) of the Revenue Act of 1926 the petitioner realized no taxable income therefrom in excess of the cash received.

The testimony of the president of the petitioner and a stipulation signed by counsel of the respective parties show…