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E. RICHARD MEINIG COMPANY v. COMMISSIONER

Docket No. 10698.

9 T.C. 976 (1947)

THE E. RICHARD MEINIG COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated November 25, 1947.

Attorney(s) appearing for the Case

Robert J. Bird, Esq., and Harry W. Lee, Esq., for the petitioner.

Karl W. Windhorst, Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined a deficiency in income tax of $41,235.30 for 1941 and deficiencies in excess profits tax of $115,418.49 for 1941 and $37,346.60 for 1942. The petitioner claimed a deduction for 1939 of $615,143.40 representing the partial worthlessness of a debt in the amount of $640,774.38 due it from the Meinig Hosiery Co., hereafter called Hosiery. The Commissioner, in computing the net operating loss carry-over...

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