United States Board of Tax Appeals October 11, 1928, Docket No. 10938. (Farrelly-Walsh, Inc. v. Commissioner)

lead-opinion

Siefkin :

This is a proceeding for the redetermination of a deficiency in income and profits taxes for the years 1921 in the amount of *924$612.90. The facts are not in dispute, the allegations of the petition being admitted by the answer of the respondent.

The petitioner corporation leased certain premises for a five-year term from August 1, 1919, for a rental of $100 a month.