AIRCRAFT SCREW PRODUCTS CO. v. WAR CONTRACTS PRICE ADJUSTMENT BOARD

Docket No. 296-R.

8 T.C. 1037 (1947)

AIRCRAFT SCREW PRODUCTS COMPANY, INC., PETITIONER, v. WAR CONTRACTS PRICE ADJUSTMENT BOARD, RESPONDENT.

United States Tax Court.

Promulgated May 14, 1947.


Attorney(s) appearing for the Case

A. L. Salkin, Esq., and Benjamin Sack, C. P. A., for the petitioner.

W. T. Becker, Esq., and Ralph G. Cornell, Esq., for the respondent.


The respondent, War Contracts Price Adjustment Board, acting under authority of section 701 (b) of the Revenue Act of 1943, has determined that petitioner's profits realized in the fiscal year ended September 30, 1943, upon contracts subject to renegotiation, as defined by that act, were excessive to the extent of $85,000 and after adjustment for state taxes in the amount of $7,000 the refund to be made to the Federal Government was...

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