Jemison v. Commissioner of Internal Revenue

FOSTER, Circuit Judge.

On November 12, 1920, the Commissioner of Internal Revenue determined a deficiency of income taxes against the petitioner for the year 1919, based on the failure of the taxpayer to include as a profit for that year $29,456.41, his share of the surplus of' a corporation which had been distributed, and assessed a penalty of 50 per cent, for fraudulent concealment' of the same, under the provisions of section 250, Revenue Act of 1918 (40 Stat. 1082). The taxes and penalty assessed amount to $10,830.99.' On appeal to the Board of Tax Appeals the ruling of the Commissioner…