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SCIO OIL AND GAS CO. v. COMMISSIONER

Docket No. 56466.

28 T.C. 426 (1957)

SCIO OIL AND GAS COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 23, 1957.

Attorney(s) appearing for the Case

Ellis J. Hopkins, Esq., and John W. Sanborn, C. P. A., for the petitioner.

James J. Quinn, Esq., for the respondent.

PIERCE, Judge:

The respondent determined a deficiency in the income tax of the petitioner for 1950 in the amount of $6,401.74. The issues presented for decision are:

1. Did the taxes on petitioner's New York real estate, for the calendar year 1950, accrue in December 1949 when such taxes became a lien on the property; or did they accrue subsequently in the year 1950? Petitioner accrued and took a deduction for...

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