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DE SOTO SECURITIES CO. v. COMMISSIONER

Docket No. 49930.

25 T.C. 175 (1955)

DE SOTO SECURITIES COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 31, 1955.

Attorney(s) appearing for the Case

William A. McSwain, Esq., for the petitioner.

John L. Pedrick, Esq., for the respondent.

OPINION.

RAUM, Judge:

Respondent has determined a deficiency in the personal holding company surtax of petitioner for its fiscal year ended June 30, 1950, in the amount of $16,964.29. In computing its subchapter A net income petitioner claimed and has been allowed a deduction for income taxes accrued in respect of its fiscal year ended June 30, 1950. The sole issue is whether in making such computation petitioner may also deduct amounts paid during...

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