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WEST CONSTRUCTION COMPANY v. COMMISSIONER

Docket No. 9605.

7 T.C. 974 (1946)

WEST CONSTRUCTION COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated October 16, 1946.

Attorney(s) appearing for the Case

C. Keefe Hurley, Esq., and Samuel S. Dennis, Esq., for the petitioner.

Paul P. Lipton, Esq., for the respondent.

Petitioner challenges respondent's determination of a deficiency in excess profits tax in the amount of $15,266.74 for the taxable year ended December 31, 1943.

The sole question presented is whether in computing its excess profits tax credit for the year 1943, based on invested capital, petitioner is entitled to include as borrowed invested capital under Internal Revenue Code, section 719, 50 per cent of the average daily...

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