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GAMLEN CHEMICAL CO. v. U.S.

Docket No. 902-R.

27 T.C. 747 (1957)

GAMLEN CHEMICAL COMPANY, HARRY GAMLEN, HARRY C. GAMLEN AND JAMES E. GAMLEN, CO-PARTNERS, PETITIONERS, v. UNITED STATES OF AMERICA, RESPONDENT.

United States Tax Court.

Filed January 31, 1957.

Attorney(s) appearing for the Case

Lawrence Livingston, Esq., for the petitioners.

James H. Prentice, Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The War Contracts Price Adjustment Board notified Gamlen Chemical Company of a determination that its profits derived from contracts and subcontracts subject to renegotiation for 1944 were excessive and should be eliminated in the amount of $100,000. The only issue requiring decision is whether the renegotiable income of one subject to renegotiation can be reduced below $500,000 by...

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