Globe Outlet Co. v. Commissioner

MaRquette:

This proceeding is for the redetermination of a deficiency in income and profits 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 represented by notes received by the petitioner in payment for shares of its capital stock.

FINDINGS OF FACT.

The petitioner is a corporation organized under the laws of the State of Illinois, with its principal office and place of business at Waukegan, Ill.

On March 5, 1921, the petitioner’s board of directors adopted the…