Washington Paper Stock Co. v. Commissioner

1 B.T.A. 1117, 1925 BTA LEXIS 2664

Opinion

DECISION.

The determination of the Commissioner is disapproved in part. There should be allowed, as a loss by fire not compensated for by insurance or otherwise, in the year 1920, the amount of depreciation disallowed in 1919 and 1920, and the net income for 1920 should be reduced by $5,000 salaries payable to officers, erroneously included as income. The deficiency will be settled on consent or on seven days’ notice under Rule 50.