Leas v. Commissioner
United States Tax Court
The notice of deficiency was issued to petitioner more than 3 but less than 5 years after the returns for 1947 and 1948 were filed.
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The notice of deficiency was issued to petitioner more than 3 but less than 5 years after the returns for 1947 and 1948 were filed. In determining whether petitioner omitted from gross income in each return an amount in excess of 25 per centum of that reported therein within the meaning of section 275 (c), Internal Revenue Code 1939, 1. Held, that reported gross income from business is the gross profit stated in the return without adjustment for any items incorrectly reported therein as part of cost of goods sold; 2. Held, further, upon the facts, that petitioner omitted from his return in…
1Opinion of the Court
OPINION.
Fisher, Judge:
The parties have stipulated and agreed upon the correct amount of adjusted gross income realized by petitioner during 1947 and 1948. We have found, accordingly, that petitioner omitted from his reported adjusted gross income for each of those years $19,550.97 and $9,667.19, respectively. The only issue involved herein is whether this proceeding is barred by the statute of limitations (section 275 (a), Internal Eevenue Code of 1939) since the notice of deficiency was not issued within 3 years after the returns were filed.
Respondent contends that proceedings in the instant…
2Cases cited9 opinions
- Hurley v. CommissionerUnited States Tax Court · 1954
- Uptegrove Lumber Co. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1953
- Deakman-Wells Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1954
- Goldring v. CommissionerUnited States Tax Court · 1953
- Deakman-Wells Co. v. CommissionerUnited States Tax Court · 1953
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3Cited by18 opinions
- Courtney v. CommissionerUnited States Tax Court · 1957
- Lawrence v. CommissionerUnited States Tax Court · 1957
- Romine v. Comm'rUnited States Tax Court · 1956
- Iverson v. CommissionerUnited States Tax Court · 1957
- Estate of Iverson v. CommissionerCourt of Appeals for the Eighth Circuit · 1958
13 more not listed; retrieve them via the Exa API.