FACTS: Petitioner appealed from a decision reversing a tax court determination that expunged part of a deficiency determined by the tax commissioner on account of the income tax on a gain realized on the sale of an apartment house which had been acquired by petitioner by bequest subject to an unassumed mortgage. Certiorari was granted because of the importance of the questions raised as to proper construction of gain and loss provisions. The Supreme Court sought to determine the gain or loss applying proper interpretation and construction.
CONCLUSION: The Court affirmed the judgment of the appeals court, which held that the tax court's use of equity as a basis for the determination of gain or loss was improper.
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