PACIFIC BASIN MANUFACTURING & TRADE COMPANY, LTD. v. COMMISSIONER

Docket No. 15269-80.

44 T.C.M. 314 (1982)

T.C. Memo. 1982-368

Pacific Basin Manufacturing & Trade Company, Ltd. v. Commissioner.

United States Tax Court.

Filed June 29, 1982.


Attorney(s) appearing for the Case

Theodore A. Kolb and Patrick H. Fabian, 220 Bush St., San Francisco, Calif., for the petitioner. Theodore Garelis, for the respondent.


Memorandum Opinion

WHITAKER, Judge:*

Respondent determined deficiencies in the petitioner's Federal corporate income tax in the amount of $51,332 for the taxable year ending June 30, 1975, and in the amount of $105,444 for the taxable year ending June 30, 1976. The sole issue for decision is whether amounts paid into petitioner's bank account in the United States by the purchaser of goods manufactured in a United States possession...

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