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TAYLOR-WHARTON IRON & STEEL CO. v. COMMISSIONER

Docket No. 4387.

5 T.C. 768 (1945)

TAYLOR-WHARTON IRON AND STEEL CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated September 20, 1945.

Attorney(s) appearing for the Case

Lawrence A. Baker, Esq., for the petitioner.

Paul E. Waring, Esq., for the respondent.

The Commissioner determined a deficiency in petitioner's excess profits tax for the calendar year 1941 in the amount of $202,765.17.

Three issues are involved: First, what was the effect on "Accumulated earnings and profits," within the meaning of section 718 (a) (4) of the Internal Revenue Code, of a liquidation in 1935 of two of petitioner's wholly owned subsidiaries, William Wharton, Jr. & Co. and Philadelphia Roll & Machine Co.; second, by what amount...

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