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NEW YORK SEVEN-UP BOTTLING CO. v. COMMISSIONER

Docket No. 1672-66.

50 T.C. 391 (1968)

NEW YORK SEVEN-UP BOTTLING CO., INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 29, 1968.

Attorney(s) appearing for the Case

Robert A. Maloney and George A. Donohue, for the petitioner.

Jay J. Lander and James Q. Smith, for the respondent.

FAY, Judge:

Respondent determined a deficiency of $19,124.01 in petitioner's income tax for the taxable year 1960.

Petitioner conceded all the issues raised in the pleadings except one. The issue left for decision is whether section 404(a)(5)1 prohibits petitioner from deducting in its taxable year 1960 the sum of $36,776.95 which it accrued on its books as a liability for severance...

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