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SOUTHLAND INDUSTRIES, INC. v. COMMISSIONER

Docket No. 3387.

5 T.C.M. 950 (1946)

Southland Industries, Inc. v. Commissioner.

United States Tax Court.

Entered October 31, 1946.

Attorney(s) appearing for the Case

Leroy G. Denman, Esq., for the petitioner. Homer J. Fisher, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

JOHNSON, Judge:

The Commissioner determined in petitioner's surtax of $21,731.37 for the fiscal year ended July 31, 1940, under section 102, Internal Revenue Code. Petitioner assails the determination that it accumulated earnings and profits beyond the reasonable needs of its business to prevent the imposition of surtax upon its shareholder within the meaning of section 102. A second assignment of error involving an...

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