Shorb v. Commissioner

opinion.

Marquette:

This proceeding is for the redetermination of a deficiency in income tax asserted by the respondent in the amount of $7,378.73 for the year 1924. The deficiency arises from the respondent’s action in including in the petitioner’s income for said year the amount of $49,838.40, received by her as distributions from the Glassell Development Company.

The petitioner, a resident of Los Angeles, Calif., is and was during the year 1924, a stockholder of the Glassell Development Company, a corporation which was organized in September, 1913, for the purpose of improving, subdividing…