BANGOR & AROOSTOOK R. CO. v. COMMISSIONER OF INT. REV.

No. 4577.

193 F.2d 827 (1951)

BANGOR & AROOSTOOK R. CO. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals First Circuit.

December 31, 1951.


Attorney(s) appearing for the Case

Joseph M. Jones, Washington, D. C. (Gordon D. Briggs, Henry J. Hart, Bangor, Me., and Dudley, Algire, Jones & Ostmann, Washington, D. C., on brief), for petitioner.

Irving I. Axelrad, Special Asst. to the Atty. Gen. (Theron Lamar Caudle, Asst. Atty. Gen., and Ellis N. Slack and Lee A. Jackson, Special Assts. to the Atty. Gen., on brief), for respondent.

Sidney S. Alderman and Charles M. Davison, Jr., Washington, D. C., amici curiae, for Southern Ry. Co.

Before MAGRUDER, Chief Judge, and WOODBURY and HARTIGAN, Circuit Judges.


MAGRUDER, Chief Judge.

Bangor and Aroostook Railroad Company petitions for review of a decision of the Tax Court of the United States determining that there is a deficiency in petitioner's excess profits tax in the sum of $3,677.45 for the calendar year 1943.

The applicable statute is the Excess Profits Tax Act of 1940, 54 Stat. 975; Internal Revenue Code § 710 et seq., 26 U.S. C.A. § 710 et seq. Speaking generally, the "excess profits credit" is...

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