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DENVER & RIO GRANDE WESTERN RAILROAD CO. v. COMMISSIONER

Docket Nos. 63330, 65226.

32 T.C. 43 (1959)

THE DENVER & RIO GRANDE WESTERN RAILROAD COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed April 10, 1959.

Attorney(s) appearing for the Case

Stanley Worth, Esq., and Jules G. Korner III, Esq., for the petitioner.

William H. Welch, Esq., for the respondent.

MURDOCK, Judge:

The Commissioner determined deficiences in the petitioner's income tax of $44,278.54 for 1951, $104,974.30 for 1952, and $242,259.36 for 1953.

GENERAL FINDINGS OF FACT.

The petitioner filed its income tax returns for the calendar years 1951, 1952, and 1953 with the director of internal revenue at Denver, Colorado. It used an accrual method of accounting. The petitioner, a corporation, is a common carrier by rail operating principally...

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