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RICH HILL INSURANCE AGENCY, INC. v. COMMISSIONER

Docket No. 7086-70.

58 T.C. 610 (1972)

RICH HILL INSURANCE AGENCY, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 17, 1972.

Attorney(s) appearing for the Case

Jim Schneider (an officer), for the petitioner.

David A. Pierce, for the respondent.

FORRESTER, Judge:

Respondent has determined a deficiency of $1,564.07 in petitioner's income tax for the taxable year 1967. The only issue presented for our decision is whether petitioner is entitled to a deduction for the depreciation of a covenant not to compete.

FINDINGS OF FACT

Some of the facts have been stipulated and are so found. The stipulation and exhibits attached thereto are incorporated...

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