United States Tax Court August 5, 1952, Docket No. 35570 (Concord Lumber Co. v. Commissioner)

lead-opinion

OPINION.

Hill, Judge:

We have found as a fact that the petitioner was using both a reserve for bad debts and a direct charge-off of items deemed to be uncollectible. However, in spite of this unorthodox system of accounting and its possible tax effects, the respondent bases his determination in this case upon a disallowance of the $5,494.