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PONTIAC v. COMMISSIONER

Docket No. 71822.

34 T.C. 1065 (1960)

WILKINS PONTIAC, A CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 21, 1960.

Attorney(s) appearing for the Case

F. Edward Little, Esq., for the petitioner.

Harold W. Vestermark, Esq., for the respondent.

OPINION.

DRENNEN, Judge:

Respondent determined a deficiency in petitioner's income tax for the year 1955 in the amount of $12,864.82. The sole issue is whether petitioner may deduct from its gross income a reasonable addition to a reserve for anticipated losses on conditional sales contracts which were sold with recourse.

All of the facts are stipulated and are so found.

Petitioner is a corporation...

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