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EMPIRE PRESS, INC. v. COMMISSIONER

Docket No. 70701.

35 T.C. 136 (1960)

EMPIRE PRESS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 26, 1960.

Attorney(s) appearing for the Case

Julian L. Yesley, Esq., for the petitioner.

Raymond T. Mahon, Esq., for the respondent.

WITHEY, Judge:

The Commissioner has determined a deficiency of $20,875.40 in the petitioner's income tax for 1955. The issues for determination are the correctness of the respondent's action (1) in disallowing a deduction of $18,445 taken as a dividends-received deduction and (2) in disallowing a deduction of $21,700 taken as a dividend paid on a short sale of corporate stock.

FINDINGS OF FACT.

Some...

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