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NASSAU LENS CO., INC. v. COMMISSIONER

Docket Nos. 70474, 72132.

35 T.C. 268 (1960)

NASSAU LENS CO., INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. HARRY PILDES AND SARAH PILDES, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 14, 1960.

Attorney(s) appearing for the Case

Bernard Jaffe, Esq., for the petitioners.

Clarence P. Brazill, Jr., Esq., for the respondent.

In these consolidated cases the Commissioner determined deficiencies in income tax for the taxable year 1954 as follows: Nassau Lens Co., Inc., $3,071.43; Harry and Sarah Pildes, $3,240.

Petitioners in both cases have conceded all of the Commissioner's adjustments except those relating to certain debenture notes of Nassau Lens Co., Inc., held by its sole shareholder Harry Pildes. The principal question presented is whether Nassau Lens Co., Inc., is entitled to amortization...

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