Thrift Realty Co. v. Commissioner

THRIFT REALTY COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Thrift Realty Co. v. Commissioner

Docket No. 50653.

United States Board of Tax Appeals

29 B.T.A. 545; 1933 BTA LEXIS 922;

December 14, 1933, Promulgated

Harry Troll Esq., for the petitioner.

J. G. Gibbs, Esq., for the respondent.

LEECH

OPINION.

LEECH: Petitioner here contests a deficiency of $3,482.25 in income tax for the year 1922 and $174.11 representing a 5 percent negligence penalty as provided by section 250(e) of the Revenue Act of 1921.

The deficiency arises by reason of the disallowance of certain deductions…