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AMERICAN POTASH & CHEMICAL CORPORATION v. COMMISSIONER

Docket No. 5494.

7 T.C. 1113 (1946)

AMERICAN POTASH AND CHEMICAL CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated November 8, 1946.

Attorney(s) appearing for the Case

William L. Kumler, Esq., for the petitioner.

E. A. Tonjes, Esq., for the respondent.

The Commissioner determined income tax deficiencies of $15,328.32 and $1,449.88 for the years 1940 and 1941. The petitioner assails as erroneous the disallowance by the Commissioner of the portion of a claimed deduction in 1940 and 1941 of so-called "contract completion discount" set up in a reserve account which was applicable to partial deliveries on contracts completed in the subsequent year. Other adjustments made by the Commissioner to 1940 and 1941 taxable income are...

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