STANDARD ASBESTOS MFG. & INSULATING COMPANY v. COMMISSIONER

Docket No. 104268.

1 T.C.M. 173 (1942)

Standard Asbestos Mfg. & Insulating Company v. Commissioner.

United States Tax Court.

Entered December 4, 1942.


Attorney(s) appearing for the Case

Albert F. Hillix, Esq., 1007 Bryant Bldg., Kansas City, Mo., for the petitioner. Angus R. Shannon, Jr., Esq., for the respondent.


Memorandum Findings of Fact and Opinion

TURNER, J.:

The Commissioner determined deficiencies in income tax and excess profits tax against petitioner for 1937 of $13,655.54 and $4.284, respectively. The only issue presented is whether the petitioner is entitled to a deduction of $49,100 taken as a loss on certain corporate stock.

Findings of Fact

The petitioner is a Missouri corporation, organized in 1918 and has its principal office in...

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