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KIRBY PETROLEUM COMPANY v. COMMISSIONER

Docket No. 1509.

2 T.C. 1258 (1943)

KIRBY PETROLEUM COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated December 30, 1943.

Attorney(s) appearing for the Case

Homer L. Bruce, Esq., for the petitioner.

Loyal E. Kier, Esq., for the respondent.

OPINION.

BLACK, Judge:

The Commissioner has determined a deficiency of $2,120.44 in petitioner's income tax for the year 1940.

The deficiency results from five adjustments to net income as disclosed by petitioner in its return for the year 1940. The only one of these adjustments which petitioner contests is adjustment (a). Petitioner concedes the correctness of the other four adjustments made by the Commissioner and states in its brief that...

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