Durovic v. Commissioner
United States Tax Court
In 1954 through 1959, P and his brother were members of a partnership engaged in the business of distributing and selling a drug called Krebiozen. Thereafter, P, alone, carried on the business.
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In 1954 through 1959, P and his brother were members of a partnership engaged in the business of distributing and selling a drug called Krebiozen. Thereafter, P, alone, carried on the business. Held; 1. The amounts of the items to be included in the cost of goods sold for the partnership determined. 2. The exchange rate to be used in converting those amounts into dollars determined. 3. P is not liable for an addition to tax for failure to file timely declarations of estimated tax for the taxable year 1954 under sec. 294(d)(1)(A), I.R.C. 1939. 4. Additions to tax for underpayment of estimated…
1Opinion of the Court
Simpson, Judge:
The Commissioner determined the following deficiencies in, and additions to, the petitioner’s Federal income taxes:
Additions to tax
Docket No. Year Deficiency Sec. 294(d)(1)(A), I.R.C. 1939 ■ Sec. 6653(b), I.R.C. 19541 Sec. 6654, I.R.C. 1954
1579-65 1954 $27,878.07 $2,568.73 $13,939.04
1955 55,627.76 27,813.88 $1,554.05
1956 34,686.53 17,343.27 967.69
1957 84,498.51 42,249.26 2,362.02
1958 64,535.04 32,267.52 1,803.01
6872-71 1959 101,646.22 50,823.11
1960 318,643.33 159,321.67
1961 403,705.48 201,960.74
1962 305,501.02 152,750.51
4976-67 1963 346,444.85 173,222.43
3335-70 1964 184,501.13…
2Cases cited19 opinions
- Grosshandler v. CommissionerUnited States Tax Court · 1980
- Harper v. CommissionerUnited States Tax Court · 1970
- Ruben v. CommissionerUnited States Tax Court · 1960
- Estate of Temple v. CommissionerUnited States Tax Court · 1976
- Rechtzigel v. CommissionerUnited States Tax Court · 1982
14 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Estate of Spear v. CommissionerUnited States Tax Court · 1993
- Durovic v. CommissionerUnited States Tax Court · 1985
- Hartman v. CommissionerUnited States Tax Court · 1985
- Hendrickson v. CommissionerUnited States Tax Court · 1985
- Lutz v. CommissionerUnited States Tax Court · 1986
1 more not listed; retrieve them via the Exa API.