The Commissioner determined a deficiency of $19,374.50 in petitioner's excess profits tax for 1943 in part by adding to income reported a gain on the sale of petitioner's own shares, acquired and held in its treasury, to stockholders and employees. He also disallowed an addition to a reserve for bad debts. Petitioner contends that its sale of shares was a nontaxable capital transaction and that its addition to the bad debt reserve was reasonable and deductible. It also assigns...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.