The Commissioner determined a deficiency in petitioner's excess profits tax for the calendar year 1942 in the amount of $49,394.43, resulting from his allowing to petitioner in the computation of this tax an average earning credit rather than the invested capital credit taken by petitioner in its return.
It is respondent's position that the only credit on account of invested capital which is available to petitioner is on account of capital invested by a predecessor...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.