George M. Jones Co. v. Commissioner

The George M. Jones Company v. Commissioner.

George M. Jones Co. v. Commissioner

Docket No. 108218.

United States Tax Court

1944 Tax Ct. Memo LEXIS 118; 3 T.C.M. (CCH) 953; T.C.M. (RIA) 44297;

September 15, 1944

John J. Kendrick, Esq., for the petitioner. Thomas F. Callahan, Esq., for the respondent.

LEECH

Memorandum Findings of Fact and Opinion

LEECH, Judge: The petitioner seeks a redetermination of tax deficiencies in the amount of $175,455.85 for the calendar year 1934 as follows:

Income taxes

$147,000.96

Excess-profits taxes

28,454.89

The issues involved are:(1) The worthlessness in 1934 of the common…