McFetridge v. Commissioner
United States Board of Tax Appeals
1. The Commissioner's action in disallowing the application of the 25 per cent reduction provided by Title XII, Revenue Act of 1924, to that portion of petitioner's income returned for 1924 which came from the proportionate 1923 earnings of his partnership, which had a fiscal year, is approved.
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1. The Commissioner's action in disallowing the application of the 25 per cent reduction provided by Title XII, Revenue Act of 1924, to that portion of petitioner's income returned for 1924 which came from the proportionate 1923 earnings of his partnership, which had a fiscal year, is approved. Charles Colip,5 B.T.A. 123, followed. 2. Petitioner's earned income and resulting earned income tax credit, determined. 3. The Commissioner's motion to increase the deficiency as disclosed by the deficiency notice for the taxable year in question, other than the notice of deficiency appealed from,…
1Opinion of the Court
*769OPINION.
Love:
The first contention of the petitioner is that the Commissioner erred in disallowing the application of the 25 per cent reduction provided by section 1200 of the Revenue Act of 1924 to that portion of his income for 1924 which came from the proportionate 1923 earnings of his partnership, which had a fiscal year. The issue thus presented has heretofore been considered by the Board in Charles Colip, 5 B. T. A. 123, wherein it was held that the Commissioner did not err by reason of such action. Accordingly, his action in this respect herein is approved.
The petitioner’s next…
2Cited by1 opinion
- McFetridge v. CommissionerUnited States Board of Tax Appeals · 1927