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RICE DRUG COMPANY v. COMMISSIONER

Docket No. 15269.

10 T.C. 642 (1948)

RICE DRUG COMPANY, FORMERLY N. RICE DRUG & CIGAR CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated April 20, 1948.

Attorney(s) appearing for the Case

Sidney B. Gambill, Esq., for the petitioner.

Stanley W. Herzfeld, Esq., for the respondent.

OPINION.

DISNEY, Judge:

This case involves deficiencies determined in excess profits taxes for the taxable years ended September 30, 1943 and 1944, in the amounts of $2,845.85, and $10,320.96, respectively. The single issue presented is whether, under section 711 (a) (1) (E) of the Internal Revenue Code, the petitioner is entitled to exclude from its excess profits net income recoveries made by it in the taxable...

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