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NORTH AMERICAN LOAN & THRIFT COMPANY NO. 2 v. COMMISSIONER

Docket No. 67400.

39 T.C. 318 (1962)

NORTH AMERICAN LOAN & THRIFT COMPANY NO. 2 (NOW KNOWN AS NORTH AMERICAN FINANCE CORPORATION OF FULTON COUNTY), PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 2, 1962.

Attorney(s) appearing for the Case

Robert Ash, Esq., and Carl F. Bauersfeld, Esq., for the petitioner.

James E. Johnson, Jr., Esq., for the respondent.

The Commissioner determined the following deficiencies in income tax and excess profits tax of the petitioner:

Year                                                   Deficiency

1952 -----------------------------------------------   $10,346.43
1953 -----------------------------------------------    10,544.36

The issues presented for our determination are: (1) Whether petitioner is entitled to an amortization deduction in 1952 with...

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