United States Board of Tax Appeals April 27, 1933, Docket Nos. 45276, 51559. (Graham-Loftus Oil Co. v. Commissioner)

lead-opinion

*1302OPINION.

Black:

The respondent determined deficiencies in petitioner’s income taxes of $2,377.70 for the year 1924, $1,264.68 for the year 1925, $1,249.27 for the year 1926; and $4,921.24 for the year 1927. The case was submitted entirely upon a stipulation of facts, which stipulation is incorporated herein by reference.

These proceedings have been consolidated for hearing.