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S. KLEIN ON THE SQUARE, INC. v. COMMISSIONER

Docket No. 21097.

14 T.C. 786 (1950)

S. KLEIN ON THE SQUARE, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated May 9, 1950.

Attorney(s) appearing for the Case

Bertram Harnett, Esq., for the petitioner.

Rigmor O. Carlsen, Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined the following deficiencies in the excess profits tax of the petitioner: For the period April 16 to September 30, 1944, $40,707.81; and for the fiscal year ended September 30, 1945, $90,342.73.

The petitioner assigns as error the action of the Commissioner in computing the depreciation deduction for each taxable period upon the basis of cost instead of on the adjusted basis of the Klein estate...

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