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FIVE STAR MANUFACTURING COMPANY v. COMMISSIONER

Docket No. 77398.

40 T.C. 379 (1963)

FIVE STAR MANUFACTURING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed May 21, 1963.

Attorney(s) appearing for the Case

L. Lamar Beacham, for the petitioner.

Glen W. Gilson II, for the respondent.

ATKINS, Judge:

The respondent determined a deficiency in income tax for the taxable year ended June 30, 1957, in the amount of $18,377.89.

The issue presented is whether the petitioner is entitled to deduct for its taxable year ended June 30, 1955, the amount of $56,000, or any part thereof, credited on its books against the outstanding indebtedness of one of its two stockholders, upon its acquisition from such...

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