POWELL v. COMMISSIONER

Docket No. 4334.

5 T.C.M. 1081 (1946)

William H. Powell v. Commissioner.

United States Tax Court.

Entered December 11, 1946.


Attorney(s) appearing for the Case

Kenneth E. Grant, Esq., 1125 Citizens National Bank Bldg., Los Angeles 13, Calif., for the petitioner. Earl C. Crouter, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

HARLAN, Judge:

The respondent determined deficiencies in income tax and penalties against the petitioner for the calendar years 1937 and 1938 as follows:

  Year    Deficiency    50% Penalty

  1937 ............    $95,789.61    $47,894.81
  1938 ............    94,070.54    47,035.27

Petitioner asserts that he overpaid his tax for the year 1937 in the amount of $1,228.75, and for the year...

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