MESABA-CLIFFS MINING COMPANY v. COMMISSIONER

Docket No. 12754.

10 T.C. 1010 (1948)

THE MESABA-CLIFFS MINING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 3, 1948.


Attorney(s) appearing for the Case

Theodore R. Colborn, Esq., for petitioner.

Clarence E. Price, Esq., for the respondent.


OPINION.

LeMIRE, Judge:

This proceeding involves a deficiency of $122,692.62 in excess profits tax for 1941. The petitioner concedes liability for $604.05 of that amount. The contested portion of the deficiency results from the respondent's disallowance of an excess profits credit carry-over for 1940.

The parties have filed a written stipulation of facts reading, in material part, as follows:

1. The Petitioner is a Minnesota corporation...

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