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REYNOLDS SPRING CO. v. COMMISSIONER

Docket No. 16345.

12 T.C. 110 (1949)

REYNOLDS SPRING COMPANY, A DELAWARE CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated January 31, 1949.

Attorney(s) appearing for the Case

Thomas G. Long, Esq., for the petitioner.

Cecil H. Haas, Esq., for the respondent.

OPINION.

LEECH, Judge:

This proceeding involves deficiencies in excess profits tax for the taxable period January 1 to September 30, 1940, and the taxable year ended September 30, 1941, in the respective amounts of $44,437.50 and $63,075.36.

The sole issue is the amount by which petitioner's equity invested capital for the periods involved is to be reduced by reason of a distribution in kind, not out...

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