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DRAKE v. COMMISSIONER

Docket No. 26527.

11 T.C.M. 1086 (1952)

William Loneal Drake v. Commissioner.

United States Tax Court.

Entered October 31, 1952.

Attorney(s) appearing for the Case

George E. Trawick, Esq., for the petitioner. Homer F. Benson, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The respondent determined the following deficiencies in income tax, and fraud penalties:

 Calendar             Deficiency    50% Penalty
  Years
  1946 ............    $3,876.19    $1,938.09
  1947 ............     1,691.90       845.95
  1948 ............     1,267.37       633.69

The basis for the deficiencies is unreported income computed under the increase in net worth method. The fraud penalties...

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