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KAY-FRIES CHEMICAL, INC. v. COMMISSIONER

Docket No. 21563.

14 T.C. 900 (1950)

KAY-FRIES CHEMICAL, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated May 23, 1950.

Attorney(s) appearing for the Case

Thomas L. Keaney, C. P. A., for the petitioner.

C. C. Holmes, Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined deficiencies in excess profits tax of $5,467.94 for 1941 and $11,070.80 for 1942. The only issue for decision is whether the Commissioner erred in failing to include in equity invested capital $98,787.74 representing the value placed by the petitioner upon a secret process for the manufacture of formaldehyde. The case was presented upon a stipulation of facts, which is adopted as the findings of...

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