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FREMONT CAKE & MEAL COMPANY v. COMMISSIONER

Docket No. 25119.

9 T.C.M. 1047 (1950)

Fremont Cake & Meal Company v. Commissioner

United States Tax Court.

Entered November 20, 1950.

Attorney(s) appearing for the Case

J. Lee Rankin, Esq., and Philip G. Johnson, C.P.A., 1224 Sharp Bldg., Lincoln, Nebr., for the petitioner. William B. Springer, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

JOHNSON, Judge:

Respondent has determined deficiencies in income and excess profits tax for the fiscal year ended April 30, 1946, of $5,567.18 and $6,228.88, respectively. The issue for determination is whether the sum of $14,859.16 resulting from a shortage in inventory is deductible as an inventory loss, a bad debt, or as cost of goods sold.

Part of the facts are stipulated and are so found.

Findings...

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