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JAMES PETROLEUM CORPORATION v. COMMISSIONER

Docket No. 39073.

24 T.C. 509 (1955)

JAMES PETROLEUM CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 28, 1955.

Attorney(s) appearing for the Case

Watson Washburn, Esq., for the petitioner.

Francis J. Butler, Esq., for the respondent.

The respondent determined deficiencies in income tax against the petitioner for the years 1946, 1947, and 1948 of $1,109.03, $3,918.43, and $4,437.43, respectively. The questions presented are (1) whether petitioner sustained a deductible loss in 1944 as a result of the expiration of its right in that year to redeem a royalty interest then owned by it, (2) whether legal expenses paid by petitioner in 1944 were deductible in that year...

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