Natural Gasoline Corporation v. Commissioner of Internal Revenue

RITTER, District Judge.

This is a petition to review a decision of the Tax Court of the United States which upheld the Commissioner’s determination of an income tax deficiency against the petitioner for the year 1948.

Petitioner is a Texas corporation with its principal office located at Tulsa, Oklahoma. It purchased 16,400 shares of common capital stock in the Warren Petroleum Corporation during 1947 and 1948 and realized a short-term capital gain through the sale of 10,600 shares of that stock. The remaining 5,800 shares, which had a basis to petitioner of $141,472.74, were disposed of as…