[Download] "Covington v. Commissioner of Internal Revenue." by United States Court of Appeals for the Fifth Circuit * Book PDF Kindle ePub Free

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eBook details

• Title: Covington v. Commissioner of Internal Revenue.
• Author : United States Court of Appeals for the Fifth Circuit
• Release Date : January 11, 1939
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 63 KB

Description

The Commissioner determined a deficiency of $3,785.01 in income taxes of petitioner for the year 1930 and in addition assessed a penalty of 50 per cent for fraud. Petitioner, a resident of Alabama, is engaged in manufacturing cotton gins. He filed a return for a partnership composed of himself, his wife, his daughter and his son and also filed a personal return as a partner. The Commissioner found that petitioner was not doing business as a partnership and assessed him as an individual. Petitioner included in the partnership return as an ordinary dividend $19,296.79 received from W.F. Covington Planter Co., a corporation that formerly conducted the business; deducted the amount of $6,888.42 for bad debts; and deducted for depreciation the sum of $4,858.49. The Commissioner determined that petitioner had received a liquidating dividend of $16,531.74 from the corporation, disallowed the deduction for bad debts entirely and reduced the deduction for depreciation to $3,424.83. The Board found that petitioner had failed to overcome the presumption in favor of the Commissioners findings as to the taxas due but found that petitioner was not guilty of fraud and disallowed the penalty of 50 per cent.

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