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LEWARD COTTON MILLS, INC. v. COMMISSIONER

Docket No. 54046.

26 T.C. 885 (1956)

LEWARD COTTON MILLS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 31, 1956.

Attorney(s) appearing for the Case

W. A. Kluttz, Esq., for the petitioner.

L. P. Shields, Esq., for the respondent.

OPINION.

ATKINS, Judge:

The respondent determined a deficiency of $14,193.35 in the petitioner's income tax liability for the taxable year ended August 31, 1950, resulting from the disallowance of a claimed interest deduction in the amount of $36,217.66.

The facts are stipulated and the stipulation is incorporated herein by reference.

The petitioner is a North Carolina corporation with its...

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