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BLACK HILLS POWER & LIGHT CO. v. COMMISSIONER

Docket No. 20926.

14 T.C. 1425 (1950)

BLACK HILLS POWER AND LIGHT COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 30, 1950.

Attorney(s) appearing for the Case

Henry A. Mulcahy, Esq., for the petitioner.

Robert M. Willan, Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined a deficiency in excess profits tax of $17,350.95 for the fiscal year ended October 31, 1942, and one of $27,634.26 in the same tax for the following fiscal year. The only issue for decision is the value of property to be included in equity invested capital under section 718 (a) (2) of the Internal Revenue Code as property paid in for stock. The facts are found as agreed upon by the parties in a...

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