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CONSUMERS TRADING CO., INC. v. COMMISSIONER

Docket No. 70801.

19 T.C.M. 1028 (1960)

T.C. Memo. 1960-198

Consumers Trading Co., Inc. v. Commissioner.

United States Tax Court.

Filed September 27, 1960.

Attorney(s) appearing for the Case

Joseph C. Duggan, Esq., 179 William Street, New Bedford, Mass., for the petitioner. Charles T. Shea, Esq., for the respondent.

Memorandum Opinion

WITHEY, Judge:

The Commissioner has determined deficiencies of $5,354.79 and $1,273.64 in petitioner's income tax for 1953 and 1954, respectively. The only issue for determination is whether the petitioner was entitled to deduct $20,298.60 for unpaid truck hire expense in computing a net operating loss carryover from 1952 to 1953 and 1954.

All of the facts have been stipulated and are found accordingly.

The petitioner is...

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