ELLIOTTS, INC. v. COMMISSIONER

Docket No. 10576-78.

40 T.C.M. 802 (1980)

T.C. Memo. 1980-282

Elliotts, Inc. v. Commissioner.

United States Tax Court.

Filed July 30, 1980.


Attorney(s) appearing for the Case

William H. Adams and Glen E. Clark, 200 South Main St., Salt Lake City, Utah, for the petitioner. Dan A. Lisonbee, for the respondent.


Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent determined deficiencies in petitioner's income tax for its fiscal years ending February 28, 1975, and February 28, 1976, in the amounts of $58,159.91 and $62,507.38, respectively. Some of the issues raised by the pleadings have been disposed of by the parties, leaving for our decision whether petitioner is entitled to deduct any amount in excess of $65,000 in each of its fiscal years 1975 and...

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