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FOOTE-BURT CO. v. COMMISSIONER

Docket No. 13445.

10 T.C. 948 (1948)

THE FOOTE-BURT COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated May 24, 1948.

Attorney(s) appearing for the Case

Theodore R. Colborn, Esq., for the petitioner.

Clarence E. Price, Esq., for the respondent.

The respondent determined deficiencies against the petitioner in income and excess profits taxes for the calendar year 1941 in the respective amounts of $1,672.46 and $9,486.47. These deficiencies arise from the disallowance of a deduction of $13,500 claimed as amortization, under section 124 of the Internal Revenue Code, of the cost of the capital stock of a wholly owned subsidiary corporation. The sole question presented to the Court is whether the petitioner is

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