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BASIN OIL CO. OF CALIFORNIA v. COMMISSIONER

Docket No. 41125.

32 T.C. 70 (1959)

BASIN OIL CO. OF CALIFORNIA (FORMERLY BASIN OIL CO.), PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed April 10, 1959.

Attorney(s) appearing for the Case

A. Calder Mackay, Esq., and Stafford R. Grady, Esq., for the petitioner.

Raymon B. Sullivan, Esq., for the respondent.

OPINION.

FORRESTER, Judge:

Petitioner's excess profits credit as computed under section 713(f), I.R.C. 1939,1 is $73,075.64.

The respondent allowed in part petitioner's application for relief under section 722(a) and (b) (4)2 and determined a constructive average base period net income (CABPNI) in the amount of $95,731, resulting in a deficiency...

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