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ASTORIA MARINE CONSTRUCTION CO. v. COMMISSIONER

Docket No. 11392.

12 T.C. 798 (1949)

ASTORIA MARINE CONSTRUCTION CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated May 20, 1949.

Attorney(s) appearing for the Case

Frank H. Spears, Esq., for the petitioner.

John H. Pigg, Esq., for the respondent.

The Commissioner by several adjustments determined deficiencies of $1,222.86 and $10,668.72 in petitioner's income tax for 1940 and 1941, a deficiency of $913.42 in declared value excess profits tax for 1940 and a deficiency of $17,337.69 in excess profits tax for 1941. Petitioner assails the inclusion in 1940 income of the difference between its indebtedness due on certain notes and the lesser amount for which it settled its obligation...

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