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WAYNESBORO KNITTING CO. v. COMMISSIONER OF INT. REV.

No. 11556.

225 F.2d 477 (1955)

WAYNESBORO KNITTING COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Third Circuit.

Decided August 29, 1955.

Attorney(s) appearing for the Case

Frederick Schwertner, Washington, D. C., for petitioner.

Morton K. Rothschild, Washington, D. C. (H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Lee A. Jackson, Sp. Assts. to the Atty. Gen., on the brief), for respondent.

Before McLAUGHLIN, KALODNER and STALEY, Circuit Judges.

STALEY, Circuit Judge.

The taxpayer, Waynesboro Knitting Company, appeals from a decision1 of the tax court sustaining the Commissioner of Internal Revenue's determination of an income tax deficiency of $9,953.05 for the year 1948.

The relevant facts were stipulated. During the years 1926 to 1931, $488,010.60 was embezzled from the taxpayer by one of its officers. When the embezzlements were discovered in 1931, the officer was...

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