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DISTRICT BOND CO. v. COMMISSIONER

Docket No. 108147.

1 T.C. 837 (1943)

DISTRICT BOND COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 30, 1943.

Attorney(s) appearing for the Case

Richard W. Lund, Esq., for the petitioner.

Samuel Taylor, Esq., for the respondent.

OPINION.

ARUNDELL, Judge:

The Commissioner determined deficiencies in income tax for the years 1938 and 1939 in the respective amounts of $5,737.38 and $61.06. Petitioner disputes the correctness of only a portion of the deficiencies, claiming that amounts received as delinquency penalties and as premiums on the retirement of bonds were in reality tax-exempt interest upon the obligations of a state or its political...

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