Court of Appeals for the First Circuit May 11, 1964, 6245_1 (Zelco, Inc. v. Commissioner of Internal Revenue)

HARTIGAN, Circuit Judge.

This is a petition by Zelco, Inc., for review of a decision of the Tax Court of the United States, entered July 30, 1963, determining deficiencies in petitioner’s federal income tax liabilities for its taxable years ended August 31, 1959 and 1960.

The facts were stipulated.