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THE SEAGRAVE CORPORATION v. COMMISSIONER

Docket No. 68787.

38 T.C. 247 (1962)

THE SEAGRAVE CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 10, 1962.

Attorney(s) appearing for the Case

Allen I. Pretzman, Esq., for the petitioner.

John J. Larkin, Esq., for the respondent.

MULRONEY, Judge:

The respondent determined a deficiency in petitioner's income tax for the taxable year 1955 in the amount of $36,985.90. All issues have been settled with the exception of one issue as to whether interest accrued to petitioner in the amount of $1,968.28 on obligations issued by six volunteer fire departments is exempt from gross income under section 103(a) (1), I.R.C. 1954.1

FINDINGS OF FACT.

Some...

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