PONCA TANK CORPORATION v. COMMISSIONER

Docket No. 4877-65.

26 T.C.M. 866 (1967)

T.C. Memo. 1967-177

Ponca Tank Corporation v. Commissioner.

United States Tax Court.

Filed August 30, 1967.


Attorney(s) appearing for the Case

Milton Zacharias, for the petitioner. James F. Hart, for the respondent.


Memorandum Findings of Fact and Opinion

SIMPSON, Judge:

Respondent determined deficiencies in the petitioner's income tax of $28,886.58 for the taxable year ended June 30, 1960, and $16,061.55 for the taxable year ended June 30, 1963. The respondent's adjustment for the year ended in 1960 was the result of the elimination of a net operating loss reflected on the petitioner's return for the year ended in 1963. The only issue remaining for decision is whether...

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