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FACTORIES INVESTMENT CORPORATION v. COMMISSIONER

Docket No. 93273.

39 T.C. 908 (1963)

THE FACTORIES INVESTMENT CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed March 19, 1963.

Attorney(s) appearing for the Case

Benjamin Nadel, C.P.A., and Norman Nadel, Esq., for the petitioner.

Lawrence A. Wright, Esq., for the respondent.

PIERCE, Judge:

The respondent determined a deficiency in the income tax of the petitioner corporation for each of its fiscal years ended June 30, 1958 and 1959, in the respective amounts of $6,432.05 and $6,474.52. The sole issue is whether petitioner was availed of during said fiscal years for the purpose of avoiding the income tax with respect to its shareholders, by permitting earnings and profits to accumulate instead of being divided or distributed. If...

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