J. R. WOOD & SONS, INC. v. COMMISSIONER

Docket No. 85177.

21 T.C.M. 1038 (1962)

T.C. Memo. 1962-189

J. R. Wood & Sons, Inc. v. Commissioner.

United States Tax Court.

Filed August 7, 1962.


Attorney(s) appearing for the Case

Karl W. Windhorst, Esq., 125 Park Ave., New York, N. Y., for the petitioner. Eugene L. Wilpon, Esq., for the respondent.


Memorandum Opinion

MURDOCK, Judge:

The Commissioner determined a deficiency of $10,245.28 in income tax of the petitioner for its fiscal year ended January 31, 1957. The only issue for decision is whether the Commissioner erred in disallowing a deduction of $15,278.22 for legal fees which he explained was "properly chargeable to capital."

The parties have presented the facts by a few admissions and a stipulation which are adopted as the findings...

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