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MAYFAIR MINERALS, INC. v. COMMISSIONER

Docket No. 5409-68.

56 T.C. 82 (1971)

MAYFAIR MINERALS, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed April 15, 1971.

Attorney(s) appearing for the Case

R.B. Cannon, for the petitioner.

Arthur B. Bleecher and Dennis J. Carlin, for the respondent.

FEATHERSTON, Judge:

Respondent determined a deficiency in petitioner's Federal income tax for its taxable year ending September 30, 1961, in the amount of $785,736.90, and for its taxable year ending September 30, 1963, in the amount of $59,998.63. The only issue presented for decision is whether petitioner realized taxable income in its fiscal year ending September 30, 1961, when it canceled an account payable representing contingent liabilities for customer...

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