Bullock's

The Commissioner of Internal Revenue determined deficiencies in the income taxes paid by Bullock’s, a corporation (hereinafter referred to; as the taxpayer), for its fiscal jrears ending January 31, 1925, and January 31, 1927. For brevity’s sake, these fiscal years are hereinafter referred to as 1925 and 1927; the phras.e “fiscal year ending January 31” being omitted. A deficiency notice was given on April 12, 1929. Thereafter, on the taxpayer’s petition, the deficiencies were redetermined by the Board of Tax Appeals. As redetermined, the deficiency for 1925 was $2,886.65, and that for 1927 was $4,126.41. Both parties have petitioned this court for review. The taxpayer’s petition relates to the deficiency for 1925, the Commissioner’s to that for 1927.

The taxpayer’s return for 1925 was filed on April 15, 1925. The deficiency notice having been given more than three years thereafter, the taxpayer contends, and the Commissioner now concedes, that the 1925 deficiency was and is barred by the limitation prescribed in section 277 (a) (1) of the Revenue Act of 1926, c. 27, 44 Stat. 58 , 26 U.S.C.A. § 275 (a) and note. As to that deficiency, therefore, the decision must be reversed.

In…