Continental Realty Co. v. Commissioner

Continental Realty Company v. Commissioner.

Continental Realty Co. v. Commissioner

Docket No. 80.

United States Tax Court

1944 Tax Ct. Memo LEXIS 398; 3 T.C.M. (CCH) 27; T.C.M. (RIA) 44010;

January 17, 1944

George L. Cassidy, Esq., for the petitioner. Melvin S. Huffaker, Esq., for the respondent.

STERNHAGEN

Memorandum Opinion

STERNHAGEN, Judge: The Commissioner determined the following deficiencies in the taxpayer's income and excess profits taxes:

Declared Value

Income Tax

Excess Profits Tax

1939

$ 222.43

1940

1,420.45

$1,040.73

1941

12,418.86

3,744.48

The only item which the taxpayer assails is the recognition…