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SPAULDING BAKERIES INC. v. COMMISSIONER

Docket No. 55543.

27 T.C. 684 (1957)

SPAULDING BAKERIES INCORPORATED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed January 18, 1957.

Attorney(s) appearing for the Case

Norris Darrell, Esq., and Richard G. Powell, Esq., for the petitioner.

James E. Markham, Jr., Esq., for the respondent.

OPINION.

MULRONEY, Judge:

Respondent determined deficiencies in income tax of the petitioner for the calendar years 1949 and 1950 in the amounts of $59,920.06 and $65,888.33, respectively.

All of the facts were stipulated. The only question in the case is whether petitioner was entitled to a claimed worthless stock deduction for the year 1950 in the amount of $320,919.07 with respect to the common capital stock in Hazleton Bakeries, Inc.,...

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