Rogers Peet Co. v. Commissioner
United States Board of Tax Appeals
1. Since the record does not disclose that there were dificiencies for the taxable years 1923 and 1924, the proceeding will be dismissed as to those years. 2. In its returns for 1921 and 1922 the petitioner took deductions for specific bad debts actually charged off. It also took as deductions for bad debts certain additional amounts representing additions made to a reserve.
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1. Since the record does not disclose that there were dificiencies for the taxable years 1923 and 1924, the proceeding will be dismissed as to those years. 2. In its returns for 1921 and 1922 the petitioner took deductions for specific bad debts actually charged off. It also took as deductions for bad debts certain additional amounts representing additions made to a reserve. For the year 1921 the amount of the addition to the reserve represented the amount of the deficit or the excess of liabilities over assets disclosed by the balance sheet of a deferred creditor of the petitioner. The…
1Opinion of the Court
ROGERS PEET CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Rogers Peet Co. v. Commissioner
Docket No. 16593.
United States Board of Tax Appeals
21 B.T.A. 577; 1930 BTA LEXIS 1831;
December 8, 1930, Promulgated
1. Since the record does not disclose that there were dificiencies for the taxable years 1923 and 1924, the proceeding will be dismissed as to those years.
2. In its returns for 1921 and 1922 the petitioner took deductions for specific bad debts actually charged off. It also took as deductions for bad debts certain additional amounts representing additions made to a reserve.…
2Cases cited1 opinion
- Rogers Peet Co. v. CommissionerUnited States Board of Tax Appeals · 1930