HOUSTON TEXTILE CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 12506.

173 F.2d 464 (1949)

HOUSTON TEXTILE CO. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Fifth Circuit.

March 17, 1949.


Attorney(s) appearing for the Case

John C. White, of Washington, D. C., for petitioner.

Theron Lamar Caudle, Asst. Atty. Gen., George A. Stinson, and Ellis N. Slack, Sp. Assts. to Atty. Gen., Charles Oliphant, Gen. Counselor Bur. Int. Rev. and John M. Morawski, Sp. Atty., both of Washington, D. C., and Lee A. Jackson, and Melva M. Graney, Sp. Assts. to Atty. Gen., for respondent.

Before HUTCHESON, HOLMES, and LEE, Circuit Judges.


HUTCHESON, Circuit Judge.

This petition brings up for solution one of those difficult jigsaw tax law puzzles all too common in the present deplorable crazy quilt patchwork state of the Internal Revenue laws. Of this one we think it may be truly said, "This kind cometh not out save by fasting and by prayer".

Broadly stated, the question for decision here concerns the adjusted excess profits net income credit to be allowed petitioner under Sec. 26(e), as computed...

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