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GENERAL BANCSHARES CORPORATION v. COMMISSIONER

Docket No. 89785.

39 T.C. 423 (1962)

GENERAL BANCSHARES CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 26, 1962.

Attorney(s) appearing for the Case

Henry C. Lowenhaupt, Esq., for the petitioner.

Richard J. Shipley, Esq., for the respondent.

OPINION.

SCOTT, Judge:

Respondent determined a deficiency in petitioner's income tax for the year 1957 in the amount of $10,498.07. Petitioner claims an overpayment of income tax for 1957 of $9,152.36. The issue for decision is whether expenses incurred by petitioner in paying stock dividends to its shareholders in 1957 are deductible.

All of the facts have been stipulated and are found accordingly.

General Bancshares Corporation ...

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