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BUDGET CREDITS, INC. v. COMMISSIONER

Docket No. 5697-65.

50 T.C. 52 (1968)

BUDGET CREDITS, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed April 15, 1968.

Attorney(s) appearing for the Case

Miles Jaffe, for the petitioner.

Chauncey W. Tuttle, Jr., for the respondent.

OPINION

TANNENWALD, Judge:

Respondent determined deficiencies in petitioner's Federal income tax for the fiscal years ended July 31, 1960, July 31, 1961, July 28, 1962, and July 27, 1963, of $13,000, $50,468.73, $26,676.25, and $9,880, respectively. In view of petitioner's concessions, the sole issue for determination is whether petitioner is entitled to deduct those additions to its reserve for bad debts for...

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