ELDER v. COMMISSIONER

Docket No. 11077.

9 T.C.M. 59 (1950)

Lloyd S. Elder and Laura Elder v. Commissioner.

United States Tax Court.

Entered January 26, 1950.


Attorney(s) appearing for the Case

Clyde C. Sherwood, Esq., for the petitioners. E. A. Tonjes, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

The respondent determined a deficiency of $75,408.10 in the petitioners' income tax liability for the year 1944. He also imposed a fraud penalty of $37,704.05 for the same year. He assessed $35,846.41 of the income tax liability and $17,773.21 of the penalty as jeopardy assessments under the provisions of section 273 of the Internal Revenue Code. In his amended answer, the respondent claimed a deficiency of $37,669.28 and...

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