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EMERSON ELECTRIC MANUFACTURING COMPANY v. COMMISSIONER

Docket No. 61126.

28 T.C. 1090 (1957)

THE EMERSON ELECTRIC MANUFACTURING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 30, 1957.

Attorney(s) appearing for the Case

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

Richard G. Worden, Esq., for the respondent.

OPINION.

MULRONEY, Judge:

The respondent determined a deficiency in excess profits required to be paid into the Treasury under the provisions of the Vinson Act,1 as amended,2 for the year ended September 30, 1950, in the amount of $56,969.19.

The sole issue before us is whether excess profits on naval aircraft contracts may be offset by the deficiency in profit during the same taxable...

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