KEWANEE OIL COMPANY v. COMMISSIONER

Docket No. 5965-72.

62 T.C. 728 (1974)

KEWANEE OIL COMPANY AND SUBSIDIARIES, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 29, 1974.


Attorney(s) appearing for the Case

C. Walter Randall, Jr., for the petitioner.

Albert Squire, for the respondent.


OPINION

RAUM, Judge:

The Commissioner determined deficiencies in income tax as follows:

    TYE Dec. 31—                               Deficiency

    1965 ---------------------------------  $1,788,355.04
    1966 ---------------------------------       1,408.51

As a result of concessions by the parties, the only remaining issue for decision is whether Canadian Kewanee Ltd., one of the corporate petitioners...

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