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RALSTON STEEL CAR CO. v. COMMISSIONER OF INTERNAL REV.

Nos. 5747, 5748.

53 F.2d 948 (1931)

RALSTON STEEL CAR CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Sixth Circuit.

Petitions for Rehearing Denied December 30, 1931.

Attorney(s) appearing for the Case

Edw. C. Turner, of Columbus, Ohio (Albert M. Calland, of Columbus, Ohio, on the brief), for petitioner.

M. K. Rothschild, of Washington, D. C. (G. A. Youngquist, Asst. Atty. Gen., and Sewall Key and A. G. Divet, both of Washington, D. C., on the brief), for respondent.

Before HICKS and HICKENLOOPER, Circuit Judges, and SIMONS, District Judge.

HICKENLOOPER, Circuit Judge.

In computing the amount of the "invested capital" of a corporation, to be used in assessing federal excess profits taxes, the definition contained in the pertinent act is controlling. Two general factors must be taken into consideration: (1) The amount (in money or money's worth) actually paid in for capital stock and as surplus; and (2) the amount of earned surplus and undivided profits used or employed in the business. Borrowed money...

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