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GILT EDGE TEXTILE CORPORATION v. COMMISSIONER

Docket No. 10447.

9 T.C. 543 (1947)

GILT EDGE TEXTILE CORPORATION, FORMERLY GILT EDGE SILK MILLS OF NEW JERSEY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated September 30, 1947.

Attorney(s) appearing for the Case

William Surosky, Esq., for the petitioner.

John E. Mahoney, Esq., for the respondent.

The respondent determined a deficiency of $13,348 in petitioner's income tax for 1942. On brief, respondent has conceded error on his part as to two minor adjustments made in determining the deficiency. That leaves for consideration the question whether petitioner is entitled to a deduction under section 23 of the Internal Revenue Code for an amount of $30,000 paid out by it in the taxable year under the circumstances hereinafter appearing.

FINDINGS OF FACT.

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