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2554-58 CRESTON CORPORATION v. COMMISSIONER

Docket No. 90544.

40 T.C. 932 (1963)

2554-58 CRESTON CORP., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed September 10, 1963.

Attorney(s) appearing for the Case

Abraham H. Spilky, for the petitioner.

Richard B. Nashel, for the respondent.

The Commissioner determined a deficiency in petitioner's 1956 income tax in the amount of $1,406.46. At issue is the correctness of his disallowance of an interest deduction claimed on petitioner's return in respect of $4,700 paid to its shareholder-noteholders. In addition, petitioner seeks an increased deduction for depreciation on its property, based upon a higher basis and a shorter useful life than were used in computing the deduction on its return.

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