Indian Trail Trading Post, Inc. v. Commissioner of Internal Revenue

The Internal Revenue Service assessed an income tax deficiency of $3,298.84 against the petitioner, Indian Trail Trading Post, Inc., for the taxable year ending October 31, 1967. The petitioner sought from the Tax Court a redetermi-nation of the deficiency assessment. The Tax Court upheld the I.R.S.’s assessment and from that decision this appeal is taken.

A detailed account of the factual situation from which the case arises is set forth in the opinion of the Tax Court, Indian Trail Trading Post, Inc. v. Commissioner of Internal Revenue, 60 T.C. 497 (1973). Briefly stated, the petitioner…