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WAYNESBORO KNITTING COMPANY v. COMMISSIONER

Docket No. 39433.

23 T.C. 404 (1954)

WAYNESBORO KNITTING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 30, 1954.

Attorney(s) appearing for the Case

Frederick Schwertner, Esq., for the petitioner.

Edward Pesin, Esq., for the respondent.

OPINION.

RICE, Judge:

This proceeding involves a deficiency in income tax determined against the Waynesboro Knitting Company (hereinafter referred to as petitioner) in the amount of $9,953.05 for the taxable year 1948.

The sole issue to be decided is whether petitioner derived taxable income in 1948 from the receipt of the proceeds of certain life insurance policies which, among other assets, were transferred to petitioner in 1931 as restitution...

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