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BRANN & STUART CO. v. COMMISSIONER

Docket No. 12675.

9 T.C. 614 (1947)

THE BRANN & STUART CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated October 9, 1947.

Attorney(s) appearing for the Case

C. Walter Randall, Jr., Esq., for the petitioner.

William H. Best, Jr., Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined a deficiency in excess profits tax for 1942 in the amount of $98,582.70 and one for 1943 in the amount of $44,310.00. The parties have settled a number of matters by agreement and the only issue for decision is whether amounts which the petitioner borrowed from banks should be considered as borrowed capital in the computation of its excess profits credit, based upon invested capital. The stipulation...

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