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WARNER COMPANY v. COMMISSIONER

Docket No. 7326.

11 T.C. 419 (1948)

WARNER COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated September 27, 1948.

Attorney(s) appearing for the Case

George E. H. Goodner, Esq., and Scott P. Crampton, Esq., for the petitioner.

Robert H. Kinderman, Esq., for the respondent.

This proceeding involves deficiencies in income tax for 1941 in the amount of $26,272.44 and excess profits tax for the year 1942 of $71,623.79. This latter amount, the respondent, by amended answer, seeks to increase to the amount of $78,278.64.

The issues presented are:

(1) Did petitioner, upon the purchase and retirement of its own bonds, realize taxable income of $49,320, $123,991.25, and $110,671.66 in the respective...

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