Grace Foreign Exch. Corp. v. Commissioner

GRACE FOREIGN EXCHANGE CORPORATION, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent

Grace Foreign Exch. Corp. v. Commissioner

Docket No. 1291-92

United States Tax Court

T.C. Memo 1994-621; 1994 Tax Ct. Memo LEXIS 628; 68 T.C.M. (CCH) 1464; T.C.M. (RIA) 94621;

December 19, 1994, Filed

Decision will be entered under Rule 155.

For petitioner: Peter S. Buchanan.

For respondent: Charlotte A. Mitchell.

PARR

PARR

MEMORANDUM FINDINGS OF FACT AND OPINION

PARR, Judge: Respondent determined a deficiency in petitioner's Federal income tax for fiscal year ended May 31, 1987, of $ 559,531, and additions to…