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KAWNEER CO. v. COMMISSIONER

Docket No. 16619.

13 T.C. 336 (1949)

THE KAWNEER COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated September 20, 1949.

Attorney(s) appearing for the Case

William H. Quealy, Esq., for the petitioner.

A. J. Friedman, Esq., for the respondent.

By this proceeding petitioner challenges respondent's determination of a deficiency in excess profits tax for the year 1941 in the amount of $42,347.41. The deficiency results in part from respondent's action in computing petitioner's excess profits tax credit by deducting amounts for losses on contracts, losses on deposits in closed banks, and depreciation for the years 1936, 1937, and 1938. Other adjustments are not contested.<...

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