Spring City Foundry Co. v. Commissioner

SPRING CITY FOUNDRY COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Spring City Foundry Co. v. Commissioner

Docket No. 21169.

United States Board of Tax Appeals

25 B.T.A. 822; 1932 BTA LEXIS 1467;

March 10, 1932, Promulgated

Richard H. Tyrrell, Esq., for the petitioner.

L. A. Luce, Esq., for the respondent.

MATTHEWS

This proceeding arises upon a determination by the respondent of a deficiency of $19,848.08 in petitioner's income and profits taxes for the calendar year 1920. The petitioner assigns two errors: (1) respondent's refusal to allow the deduction of a certain debt…