ADRIAN & JAMES, INC. v. COMMISSIONER

Docket No. 685.

4 T.C. 708 (1945)

ADRIAN & JAMES, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated February 2, 1945.


Attorney(s) appearing for the Case

Elden McFarland, Esq., for the petitioner.

Jonas M. Smith, Esq., for the respondent.


Respondent determined deficiencies in petitioner's income tax and in personal holding company surtax for the calendar year 1939 in the amounts of $2,874.28 and $9,813.89, respectively.

The issues are (1) whether the payments, or a portion thereof, received by petitioner with respect to the Interborough Rapid Transit Co. 7 percent gold notes and attached coupons while that company was in receivership, which payments were made...

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