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THREE STATES LUMBER CO. v. COMMISSIONER OF INT. REV.

No. 9065.

158 F.2d 61 (1946)

THREE STATES LUMBER CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Seventh Circuit.

November 26, 1946.

Attorney(s) appearing for the Case

Wilbur A. Giffen, of Chicago, Ill., for petitioner.

Douglas W. McGregor, Asst. Atty. Gen., Sewall Key, A. F. Prescott, and Mrs. Muriel S. Paul, Attys., Dept. of Justice, and J. P. Wenchel, and Charles E. Lowery, Bureau of Int. Rev., all of Washington, D. C., for respondent.

Before, MAJOR and MINTON, Circuit Judges, and LINDLEY, District Judge.

LINDLEY, District Judge.

The Commissioner of Internal Revenue declared a deficiency in petitioner's excess profits tax for the calendar year 1941, upon the basis that certain gains realized by petitioner constituted ordinary income subject to excess profits tax instead of gains from sales of capital assets held for more than eighteen months which are expressly excluded from excess profits tax. The taxpayer petitioned for redetermination by the Tax Court and that court...

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