Narragansett Wire Co. v. Commissioner of Internal Revenue

McENTEE, Circuit Judge.

This appeal is from a Tax Court decision sustaining the Commissioner’s determination of a $46,213.61 deficiency in taxpayer’s return for 1966, which for the period from July 1-December 31 was consolidated with that of an affiliate, Transarizona Resources, Inc. 1 Taxpayer contends first, that a consent to extension of the statute of limitations signed by its president was invalid and therefore the determination of deficiency was barred, and second, that expenses of a receiver in charge of Transarizona assets between February 1963 and Novem ber 1966 were properly deducted…