CLEO PERFUME, INC. v. COMMISSIONER

Docket No. 26008-96.

75 T.C.M. 2200 (1998)

T.C. Memo. 1998-155

Cleo Perfume, Inc. v. Commissioner.

United States Tax Court.

Filed April 27, 1998.


Attorney(s) appearing for the Case

David M. Garvin, Miami, Fla., for the petitioner. James P. Dawson, for the respondent.


MEMORANDUM FINDINGS OF FACT AND OPINION

JACOBS, Judge:

Respondent determined a $741,379 deficiency in petitioner's Federal income tax for tax year ended June 30, 1991, a $37,068.95 section 6651(a)(1) addition to tax, and a $148,275.80 section 6662(a) accuracy-related penalty.

Following concessions by petitioner,1 the remaining issues for decision are: (1) Whether petitioner had additional income of $2,031,778 in its tax...

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