CROSBY VALVE & GAGE COMPANY v. COMMISSIONER

Docket No. 77979.

46 T.C. 641 (1966)

CROSBY VALVE & GAGE COMPANY (FORMERLY CROSBY STEAM GAGE & VALVE COMPANY), PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 22, 1966.


Attorney(s) appearing for the Case

Jack H. Calechman, for the petitioner.

Albert R. Doyle, for the respondent.


BRUCE, Judge:

Respondent determined deficiencies in income tax for fiscal years ended October 31, 1954, 1955, and 1956 in the respective amounts of $8,465.88, $15,627.17, and $1,379.39.

The deficiencies in question resulted primarily from respondent's disallowance of deductions claimed by petitioner for amortization of bond premiums, for interest expense and for assignments of its equity in said bonds to certain tax-exempt charitable organizations....

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