Central & Pacific Imp. Corp. v. Commissioner of Int. Rev.

GARRECHT, Circuit Judge.

This case comes before the court on petition to review an order of the Board of Tax Appeals entered March 28, 1936, determining a deficiency in the income tax of petitioner for the year 1930 in the sum of $16,109.42.

The facts, stipulated to, are as follows:

The petitioner is a corporation organized under the laws of the state of California, having its principal place of business at 123 West Washington boulevard, Los An-geles, Cal.

During the month of November, 1913, petitioner acquired at a cost of $282,497.72 fee title to a certain parcel of real estate in Los Angeles,…