Rand v. Commissioner

Arundell, Judge:

Respondent determined deficiencies in income tax for the calendar years 1954, 1955, and 1956 in the amounts of $1,658.11, $8,041.09, and $6,420.45, respectively.

The only issue we need decide is whether the respondent erred in disallowing certain expenses for maintaining and operating a yacht during certain months of the calendar years 1954 through 1956. Another issue was assigned but has been conceded.

FINDINGS OF FACT.

The stipulated facts are so found and are incorporated herein by this reference.

Petitioners are individuals, husband and wife, with residence in Darien,…