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BUTTER-NUT BAKING CO. v. COMMISSIONER

Docket No. 1381.

3 T.C. 423 (1944)

BUTTER-NUT BAKING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 8, 1944.

Attorney(s) appearing for the Case

Thomas B. Stoel, Esq., for the petitioner.

Earl C. Crouter, Esq., for the respondent.

This proceeding involves deficiencies determined in income tax in the amount of $46.96 and in excess profits tax in the amount of $235.07 for the year 1941. The only question presented is whether the respondent properly excluded, in computing invested capital for the purpose of excess profits tax, an amount collected by the petitioner from an insurance company over its adjusted basis in destroyed property.

All facts are stipulated...

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