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LINEN THREAD COMPANY, LTD. v. COMMISSIONER

Docket No. 15790.

14 T.C. 725 (1950)

THE LINEN THREAD COMPANY, LTD., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated April 28, 1950.

Attorney(s) appearing for the Case

John P. Lipscomb, Jr., Esq., and Prew Savoy, Esq., for the petitioner.

James C. Maddox, Esq., for the respondent.

Respondent determined deficiencies in income tax as follows:

1941 -------------------------------------------------   $163,880.80
1943 -------------------------------------------------    152,204.71
1944 -------------------------------------------------    108,794.18

The issues are: (1) Did respondent err in determining deficiencies for the taxable years 1941, 1943, and 1944 upon the basis of a calendar year and not upon the basis of a fiscal year...

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