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HALE-JUSTIS DRUG COMPANY v. COMMISSIONER

Docket No. 110117.

2 T.C.M. 39 (1943)

Hale-Justis Drug Company v. Commissioner.

United States Tax Court.

Entered May 10, 1943.

Attorney(s) appearing for the Case

Thomas C. Lavery, Esq., for the petitioner. Melvin S. Huffaker, Esq., for the respondent.

Memorandum Opinion

VAN FOSSAN, Judge:

The respondent determined deficiencies as follows:

                       Income tax    Excess-profits
      Year ended        deficiency   tax deficiency

  June 30, 1939 .......  $3,366.70      $476.72
  June 30, 1940 .......   3,552.82       637.22

The deficiencies resulted from the holding that payments denominated "interest" on certain 50-year debentures were not allowable deductions...

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