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W. B. KNIGHT MACHINERY CO. v. COMMISSIONER

Docket No. 4834.

6 T.C. 519 (1946)

W. B. KNIGHT MACHINERY COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 19, 1946.

Attorney(s) appearing for the Case

Stanley S. Waite, Esq., for the petitioner.

Roy C. Hormberg, Esq., for the respondent.

The respondent determined a deficiency of $3,161.01 in the excess profits tax of the petitioner for the year 1940.

The sole issue is whether or not the petitioner is entitled to the deduction of abnormal net income earned in the taxable year and attributable to the prior years of 1936 to 1939, inclusive, pursuant to the provisions of section 721, Internal Revenue Code.

FINDINGS OF FACT.

Certain facts were...

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