VALSPAR CORPORATION v. COMMISSIONER

Docket No. 7621.

5 T.C.M. 1110 (1946)

The Valspar Corporation (successor, through merger, to Valentine & Company) v. Commissioner.

United States Tax Court.

Entered December 23, 1946.


Attorney(s) appearing for the Case

Earl A. Darr, Esq., 1 Wall St., New York 5, N. Y., and Charles A. Roberts, Esq., for the petitioner. Clay C. Holmes, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

LEMIRE, Judge:

This proceeding involves an income tax deficiency of $54,063.77 for the fiscal year ended November 30, 1937. The deficiency was determined against Valentine & Company, a wholly owned subsidiary of the Valspar Corporation, with which it was merged in 1938. The corporations have joined in the petition filed in this proceeding. The term petitioner as hereinafter used will refer to the Valpsar Corporation...

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