Globe Outlet Co. v. Commissioner

GLOBE OUTLET CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

Globe Outlet Co. v. Commissioner

Docket No. 14029.

United States Board of Tax Appeals

10 B.T.A. 165; 1928 BTA LEXIS 4181;

January 24, 1928, Promulgated

David Levinson, Esq., for the petitioner.

Brice Toole, Esq., for the respondent.

MARQUETTE

MARQUETTE: This proceeding is for the redetermination of a deficiency in income and profits taxes taxes asserted by the respondent for the year 1921 in the amount of $1,540.01. The petitioner alleges that the respondent erred in excluding from invested capital the amount of $75,000…