PRINCETON AVIATION CORP. v. COMMISSIONER

Docket No. 2302-77.

47 T.C.M. 575 (1983)

T.C. Memo. 1983-735

Princeton Aviation Corp. v. Commissioner.

United States Tax Court.

Filed December 12, 1983.


Attorney(s) appearing for the Case

Herbert L. Zuckerman and Alan E. Sherman, 33 Washington St., Newark, N.J., for the petitioner. Daniel K. O'Brien and Matthew Magnone, for the respondent.


Memorandum Findings of Fact and Opinion

DAWSON, Chief Judge:

Respondent determined the following deficiencies in petitioner's Federal income taxes:

  Taxable Year
   Ending                 Deficiency

  5/31/71 ................ $ 46,581
  5/31/72 ................  122,127
  5/31/73 ................  171,721
  5/31/74 ................   55,810

The issues for decision are: (1) whether petitioner's utilization of net operating...

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