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LANCER CLOTHING CORPORATION v. COMMISSIONER

Docket No. 7517-72.

34 T.C.M. 776 (1975)

T.C. Memo. 1975-180

Lancer Clothing Corporation v. Commissioner.

United States Tax Court.

Filed June 9, 1975.

Attorney(s) appearing for the Case

Isidore Feldman, 1180 Ave. of the Americas, New York, N.Y., for the petitioner. E. Noel Harwerth and David N. Brodsky, for the respondent.

Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent determined a deficiency in petitioner's Federal income tax for its fiscal year ended August 31, 1967, in the amount of $19,768.58 and an addition to tax under section 6651(a), I.R.C. 1954,1 in the amount of $4,760.42. The issues for decision are (1) whether the issuance by petitioner of its unsecured promissory notes to an employee pension trust and to an employee...

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