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BOYD-RICHARDSON CO. v. COMMISSIONER

Docket No. 2238.

5 T.C. 695 (1945)

BOYD-RICHARDSON COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated September 11, 1945.

Attorney(s) appearing for the Case

Thomas F. Leonard, C. P. A., for the petitioner.

Roy C. Hormberg, Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined a deficiency of $1,362.68 in excess profits tax for the fiscal year ended January 31, 1941. The only issue is whether he erred in disallowing an exclusion of $5,378.19 under section 711 (a) (1) (E) of the Internal Revenue Code in computing excess profits net income. The facts have been stipulated.

The petitioner is a corporation. It made its Federal tax reports upon an accrual basis for...

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