DELACROIX CORP. v. COMMISSIONER

Docket No. 12002.

13 T.C. 827 (1949)

DELACROIX CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated November 29, 1949.


Attorney(s) appearing for the Case

John J. Finnorn, Esq., for the petitioner.

F. S. Gettle, Esq., for the respondent.


OPINION.

TYSON, Judge:

This proceeding involves deficiencies in the amounts of $12,948.41 in income tax and $3,028.16 in declared value excess profits tax determined by respondent against petitioner for the fiscal year ended October 31, 1943.

Questions presented are whether the respondent erred in denying petitioner:

(1) A deduction of $10,589.23 as interest alleged to have accrued during the taxable year on an instrument designated...

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