United States Board of Tax Appeals April 30, 1935, Docket Nos. 51712, 52492. (North American Coal Corp. v. Commissioner)

lead-opinion

*541OPINION.

McMahon:

At the hearing counsel for respondent stated as follows:

Our theory of the case is that the statute gives the privilege to the Commissioner to check the books of the taxpayer and see whether they did reflect income, and if they did not, then make adjustments that do reflect income.