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MCKAY MACHINE CO. v. COMMISSIONER

Docket No. 55214.

28 T.C. 185 (1957)

THE MCKAY MACHINE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed April 26, 1957.

Attorney(s) appearing for the Case

James W. Frey, Esq., and H. H. Hoppe, Esq., for the petitioner.

Robert E. Johnson, Esq., for the respondent.

ATKINS, Judge:

The respondent determined a deficiency in the petitioner's income tax for the calendar year 1950 in the amount of $8,309.89. The primary issue is whether in computing the petitioner's excess profits credit the petitioner is entitled to increase its base period net income by restoring to income for the year 1949 the amount of an inventory adjustment which the petitioner had taken with respect to certain...

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