Journal-Tribune Publishing Company v. Commissioner of Internal Revenue

GARDNER, Chief Judge.

This is a petition to review a decision of the Tax Court which found a deficiency in income tax of petitioner for its fiscal year ended October 31, 1948, in the amount of $4,488.39. During the tax period here involved, and for a number of years prior thereto, the Journal-Tribune Publishing Company, petitioner herein, was in possession of a newspaper plant maintaining and operating it under a 99 year lease from the original owners, the Perkins Brothers Company and The Tribune Company. It was engaged in the business of printing, publishing and circulating a morning and…