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IRON FIREMAN MANUFACTURING CO. v. COMMISSIONER

Docket No. 1908.

5 T.C. 452 (1945)

IRON FIREMAN MANUFACTURING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated July 19, 1945.

Attorney(s) appearing for the Case

Fletcher Rockwood, Esq., Charles E. McCullough, Esq., and Thomas D. Stoel, Esq., for the petitioner.

Earl C. Crouter, Esq., for the respondent.

This case involves a deficiency in petitioner's income tax for the calendar year 1940 in the amount of $2,618.68 and a claimed overassessment in excess profits tax for the same year in the amount of $2,317.20. The questions raised by the pleadings are whether the Commissioner erred (a) in disallowing as a deduction from gross income the sum of $11,823.12 claimed by petitioner as a long term capital loss, and (b) in refusing to allow...

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