E. B. ELLIOTT CO. v. COMMISSIONER

Docket No. 112243.

2 T.C.M. 444 (1943)

E. B. Elliott Co. v. Commissioner.

United States Tax Court.

Entered July 10, 1943.


Attorney(s) appearing for the Case

Douglas D. Felix, Esq., for the petitioner. J. Marvin Kelly, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

DISNEY, Judge:

This proceeding involves the redetermination of a deficiency of $14,678.86 in the income tax and $3,994.24 in excess profits tax for 1936. The sole issue is whether petitioner is entitled to a deduction of $40,000 on account of worthlessness of certain stock in the taxable year, petitioner having abandoned the other issue raised by the petition.

Findings of Fact

The petitioner, prior...

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