GROWERS CREDIT CORPORATION v. COMMISSIONER

Docket No. 60562.

33 T.C. 981 (1960)

GROWERS CREDIT CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed February 29, 1960.


Attorney(s) appearing for the Case

F. A. LeSourd, Esq., and Griffith Way, Esq., for the petitioner.

Wilford H. Payne, Esq., for the respondent.


DRENNEN, Judge:

Respondent determined deficiencies in petitioner's income taxes and a 5 per cent negligence addition to tax under section 293(a), I.R.C. 1939, as follows:

-------------------------------------------------
Fiscal year ended | Deficiency |   Addition to
     May 31—      |            | tax, sec. 293(a)
------------------|------------|-----------------
1948 ------------ | $52,914.93 | ----------------
1949 ------------ ...

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