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RIVER DOWNS RACING ASS'N, INC. v. COMMISSIONER

Docket No. 111684.

2 T.C.M. 212 (1943)

River Downs Racing Association, Inc. v. Commissioner.

United States Tax Court.

Entered June 7, 1943.

Attorney(s) appearing for the Case

A. N. Jappe, Esq., for the petitioner. Thomas F. Callahan, Esq., for the respondent.

Memorandum Opinion

STERNHAGEN, Judge:

The Commissioner determined a deficiency of $3,229.52 in 1938 income tax by disallowing a deduction taken for depreciation. All the facts are stipulated.

The petitioner was incorporated in Ohio September 1, 1936, to operate River Downs Race Track near Cincinnati. In 1938, it was so engaged. It filed its return for 1938 in the First District of Ohio. Its books of account and income tax returns were on an accrual...

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