PSATY & FUHRMAN, INC. v. STIMSON

Docket No. 26-R.

11 T.C. 638 (1948)

PSATY & FUHRMAN, INC., PETITIONER, v. HENRY L. STIMSON, SECRETARY OF WAR OF THE UNITED STATES OF AMERICA, RESPONDENT.

United States Tax Court.

Promulgated October 19, 1948.


Attorney(s) appearing for the Case

David Morgulas, Esq., for the petitioner.

William T. Becker, Esq., for the respondent.


The respondent, acting under authority of section 403 of the Sixth Supplemental National Defense Appropriation Act, approved April 28, 1942, as amended (hereinafter referred to as the Renegotiation Act of 1942), determined that petitioner's profits realized on a certain completed contract, together with supplements thereto, were excessive to the extent of $700,000.

Several issues were raised by the pleadings. All but two of these were abandoned by petitioner by stipulation...

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