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ASHEVILLE MICA COMPANY v. COMMISSIONER

Docket No. 67351.

34 T.C. 664 (1960)

ASHEVILLE MICA COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 30, 1960.

Attorney(s) appearing for the Case

James F. Armstrong, Esq., Walter F. Gibbons, Esq., James T. Lodge, Esq., and John M. Regan, Esq., for the petitioner.

John A. Dunkel, Esq., for the respondent.

DRENNEN, Judge:

Respondent determined deficiencies in income tax against petitioner for the calendar years 1950 and 1952 in the amounts of $17,410.76 and $1,797.30, respectively. Petitioner claims an overpayment in 1952 in the amount of $500.93 based upon an additional deduction of $963.34 for State income taxes, the right to which respondent concedes.

The only issue is whether petitioner's accounts receivable due from related corporations to which...

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