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THOMPSON v. COMMISSIONER

Docket Nos. 25005, 25006.

18 T.C. 361 (1952)

MURRAY THOMPSON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. KIBBEY W. COUSE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated May 21, 1952.

Attorney(s) appearing for the Case

Benjamin Alpert, Esq., for the petitioners.

Francis X. Gallagher, Esq., for the respondent.

The respondent determined deficiencies in the income and victory tax of petitioners for the year 1943 as follows: Kibbey W. Couse, $502,027.12; Murray Thompson, $38,276.98. Because of the provisions of the Current Tax Payment Act of 1943, the year 1942 is also involved.

The principal issue is whether certain war contracts performed by a partnership, in which petitioners were partners, had a cost or other basis which it was...

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