L. HELLER AND SON, INC. v. COMMISSIONER

Docket No. 18987.

12 T.C. 1109 (1949)

L. HELLER AND SON, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 22, 1949.


Attorney(s) appearing for the Case

Bernard Weiss, Esq., for the petitioner.

Ellyne E. Strickland, Esq., for the respondent.


By this proceeding petitioner seeks a redetermination of a deficiency in excess profits tax of $18,382.89 for the year ended January 31, 1944.

The only litigated question is whether petitioner is entitled to a deduction under Internal Revenue Code, section 23 (a) (1) (A) or (f), for the sum of $18,421.86 paid to former creditors of petitioner's subsidiary corporation which had undergone a section 77B reorganization.

The case was presented on a stipulation...

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