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OHIO LOAN & DISCOUNT CO. v. COMMISSIONER

Docket No. 1174.

3 T.C. 849 (1944)

THE OHIO LOAN & DISCOUNT CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated May 16, 1944.

Attorney(s) appearing for the Case

F. N. Acker (an officer) for the petitioner.

Cecil H. Haas, Esq., for the respondent.

OPINION.

LEECH, Judge:

Respondent has determined a deficiency in personal holding company surtax for the year 1939 of $22,918.95 and a penalty of $5,729.74.1 This determination was based upon respondent's action in eliminating an item of $25,510.28 included by petitioner in its income returned for that year and representing recoveries made in that year on debts charged off as worthless in prior years. This adjustment resulted...

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