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CAMPBELL CHAIN CO. v. COMMISSIONER

Docket No. 25918.

16 T.C. 1402 (1951)

CAMPBELL CHAIN COMPANY (FORMERLY INTERNATIONAL CHAIN AND MANUFACTURING COMPANY), PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 20, 1951.

Attorney(s) appearing for the Case

H. Cecil Kilpatrick, Esq., for the petitioner.

Lester H. Salter, Esq., for the respondent.

OPINION.

TIETJENS, Judge:

Respondent having denied a deduction of $75,569.94, determined deficiencies of $6,873.15 in income tax and $39,791.90 in excess profits tax against petitioner for the fiscal year ended March 31, 1946. The petitioner kept its books on the accrual basis for its fiscal year ending March 31 and filed its tax returns accordingly. On March 31, 1946, petitioner accrued as a contribution...

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