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CENTRAL INVESTMENT CORPORATION v. COMMISSIONER

Docket No. 7959.

9 T.C. 128 (1947)

CENTRAL INVESTMENT CORPORATION (A CORPORATION), PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated July 30, 1947.

Attorney(s) appearing for the Case

Joseph D. Brady, Esq., and Thomas R. Dempsey, Esq., for the petitioner.

H. A. Melville, Esq., for the respondent.

Respondent determined a deficiency in petitioner's excess profits tax liability for the calendar year 1943 in the amount of $34,971.23. The deficiency results from the disallowance of a deduction in the amount of $43,174.36 on account of California franchise tax. The question is whether the California franchise tax is deductible in 1943, as petitioner contends, or in 1944, as respondent contends. Petitioner's excess profits tax return...

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