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GUEST v. COMMISSIONER OF INTERNAL REVENUE

No. 12538.

175 F.2d 868 (1949)

GUEST v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Fifth Circuit.

June 29, 1949.

Attorney(s) appearing for the Case

Benjamin H. Bartholow, New York City, for petitioner.

Robert M. Weston, Robert N. Anderson, Ellis N. Slack, Sp. Assts. to Atty. Gen., Theron Lamar Caudle, Asst. Atty. Gen., Charles Oliphant, Chief Counsel, Bureau of Internal Revenue, Washington, D. C., Rollin H. Transue, Sp. Atty., Bureau of Internal Revenue, Washington, D. C., for respondent.

Before SIBLEY, HOLMES and McCORD, Circuit Judges.

HOLMES, Circuit Judge.

This petition for review involves a deficiency in income taxes for the calendar year 1943, only the victory-tax portion of which is in controversy. The sole question is the proper application of the 90% limitation prescribed by Section 456 of the Internal Revenue Code, 26 U.S.C.A. Int.Rev. Acts, page 266, which provides that the tax shall not exceed 90% of the net income of the taxpayer for the taxable year over the tax imposed by Chapter one...

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