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I. PUTNAM, INC. v. COMMISSIONER

Docket No. 20367.

15 T.C. 86 (1950)

I. PUTNAM, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated August 3, 1950.

Attorney(s) appearing for the Case

Gaylord Riggs, Esq., for the petitioner.

Michael Waris, Jr., Esq., for the respondent.

The Commissioner has determined deficiencies in petitioner's excess profits tax for the year 1944 of $3,698.75 and for the year 1945 of $5,825.40. The deficiency for 1944 results from the action of the Commissioner in adding to the net income reported by petitioner on its return: "(a) Payments to widow of deceased officer $6,500.00." The Commissioner also at the same time allowed the petitioner an additional deduction of "(b) New York State Franchise tax $2,173.97." Adjustment...

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