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J. BALLAY & COMPANY, INC. v. COMMISSIONER

Docket No. 78687.

20 T.C.M. 868 (1961)

T.C. Memo. 1961-169

J. Ballay & Company, Inc. v. Commissioner.

United States Tax Court.

Filed June 12, 1961.

Attorney(s) appearing for the Case

Martin M. Lore, Esq., 107 William St., New York, N. Y., for the petitioner. Theodore E. Davis, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

Respondent determined a deficiency in income tax of petitioner in the amount of $31,820.87 for the year 1955. The sole issue is whether the amount of $61,193.99, added by petitioner to its reserve for bad debts on December 31, 1955, constituted a reasonable addition to the reserve deductible under Section 166(c) of the Internal Revenue Code of 1954.

Findings of Fact

Some of the facts have been stipulated...

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