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A & A TOOL & SUPPLY COMPANY v. COMMISSIONER

Docket No. 9515.

8 T.C.M. 473 (1949)

The A & A Tool & Supply Company, a Dissolved Corporation, Eula D. Schuster, Trustee, John O. Schuster, Trustee, and Everett Eaton, Trustee v. Commissioner.

United States Tax Court.

Entered May 10, 1949.

Attorney(s) appearing for the Case

John E. Marshall, Esq., for the petitioners. John P. Higgins, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

DISNEY, Judge:

This proceeding involves the following deficiencies for the fiscal year ended June 30, 1942:

  Income tax .........................    $1,743.14
  Declared value excess-profits tax...     1,322.13
  Excess profits tax..................     2,176.98

At the hearing petitioners conceded that the opening inventory for the taxable year was $20,000, as determined by the respondent...

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