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DORMINEY v. COMMISSIONER

Docket No. 55431.

26 T.C. 940 (1956)

J. T. DORMINEY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 17, 1956.

Attorney(s) appearing for the Case

Vincent S. Lamb, Esq., for the petitioner.

Frederick T. Carney, Esq., for the respondent.

The Commissioner has determined a deficiency in income tax of $15,965.85 for the taxable year 1947. The deficiency is due to two adjustments to net income. Net income has been increased by two items described in the deficiency notice as follows:

Unallowable deductions and additional income:
    (a) Loss on advance to U. S. and Panama Navigation Co --------   $15,792.55
    (b) Loss on advance to Cash and Carry Wholesale Grocery Co ---    34,750.00
...

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