NORTH AMERICAN RAYON CORPORATION v. COMMISSIONER

Docket No. 8510-89.

64 T.C.M. 1079 (1992)

T.C. Memo. 1992-610

North American Rayon Corporation, f.k.a. North American Holding Corporation, NARCO v. Commissioner.

United States Tax Court.

Filed October 14, 1992.


Attorney(s) appearing for the Case

H. Wynne James III, Plaza Tower, Knoxville, Tenn., and William Hume Barr, for the petitioner. Vallie C. Brooks, for the respondent.


Memorandum Findings of Fact and Opinion

WHITAKER, Judge:

Respondent determined deficiencies in and additions to petitioner's Federal income tax as follows:

Year Ended                           Deficiency

 9-30-80 ..........................   $421,462
 9-30-82 ..........................    160,555
 9-30-84 ..........................    218,000
 9-30-85 ..........................     13,792

After concessions, the...

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