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RICE DRUG CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 9799.

175 F.2d 681 (1949)

RICE DRUG CO. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Third Circuit.

Decided June 17, 1949.

Attorney(s) appearing for the Case

Sidney B. Gambill, Pittsburgh, Pa. (W. A. Seifert, William Wallace Booth, Reed, Smith, Shaw & McClay, Pittsburgh, Pennsylvania, on the brief), for petitioner.

Irving Axelrad, Washington, D. C. (Theron Lamar Caudle, Assistant Attorney General, Ellis N. Slack, Carlton Fox, Special Assistants to Attorney General, on the brief), for respondent.

Before BIGGS, Chief Judge, and O'CONNELL and KALODNER, Circuit Judges.

KALODNER, Circuit Judge.

This petition for review raises a narrow issue, whether under Section 711(a) (2) (H) of the Internal Revenue Code1 the taxpayer was entitled to exclude from its excess profits net income recoveries made by it on accounts acquired from its predecessor. The Commissioner of Internal Revenue determined deficiencies in petitioner's excess profits tax returns for the fiscal years ended September 30, 1943, and September...

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