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GUNDERSON BROS. ENGINEERING CORP. v. COMMISSIONER

Docket No. 4360-62.

42 T.C. 419 (1964)

GUNDERSON BROS. ENGINEERING CORP., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 21, 1964.

Attorney(s) appearing for the Case

Frank E. Nash and Maurice O. Georges, for the petitioner.

John D. Picco and Richard H. M. Hickok, for the respondent.

FAY, Judge:

The Commissioner determined deficiencies in petitioner's income tax for the fiscal years ending May 31, 1958,1 and May 31, 1959, in the respective amounts of $17,152.07 and $33,322.21. The parties have agreed to certain adjustments with respect to the deficiencies.

The remaining issues for decision are (1) whether the petitioner, an accrual basis taxpayer, must include as income in the year of sale, finance charges...

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