Intercounty Development Corp. v. Commissioner

Intercounty Development Corp. v. Commissioner.

Intercounty Development Corp. v. Commissioner

Docket No. 77830.

United States Tax Court

T.C. Memo 1961-217; 1961 Tax Ct. Memo LEXIS 129; 20 T.C.M. (CCH) 1071; T.C.M. (RIA) 61217;

July 31, 1961

Michael L. Friedman, Esq., for the petitioner. Ronald S. Schacht, Esq., for the respondent.

TIETJENS

Memorandum Findings of Fact and Opinion

TIETJENS, Judge: The Commissioner determined a deficiency in petitioner's income tax for 1955 in the amount of $7,006.16. The issues presented are: (1) whether the gain from the sale of land was properly excluded by petitioner…