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A. C. BURTON & CO. v. COMMISSIONER

Docket No. 17168.

14 T.C. 290 (1950)

A. C. BURTON & COMPANY, A DISSOLVED CORPORATION, ACTING BY AND THROUGH BEATRICE BURTON, A FEME SOLE, GEORGE E. AYERS, AND B. M. TEMPLE, PRESIDENT, VICE PRESIDENT AND TREASURER, AND SECRETARY, RESPECTIVELY, AND DIRECTORS OF SAID CORPORATION AT THE TIME OF ITS DISSOLUTION, THE SAID BEATRICE BURTON, GEORGE E. AYERS, AND B. M. TEMPLE AS TRUSTEES OF THE SAID A. C. BURTON & COMPANY AND THE SAID BEATRICE BURTON AS TRANSFEREE OF THE ASSETS OF SAID CORPORATION, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated February 28, 1950.

Attorney(s) appearing for the Case

John C. Dawson, Esq., for the petitioners.

Stanley B. Anderson, Esq., for the respondent.

OPINION.

TURNER, Judge:

The respondent determined deficiencies of $4,546.17 and $17,061.12 in the excess profits tax of A. C. Burton & Co. for 1942 and 1943, respectively. The single issue presented is the correctness of respondent's action in determining its excess profits tax credit on the invested capital basis.

The facts have been stipulated.

A. C. Burton & Co., sometimes herein referred to as the corporation, was a Texas...

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