CARBOLOY COMPANY, INC. v. COMMISSIONER

Docket No. 29366.

18 T.C. 1028 (1952)

CARBOLOY COMPANY, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated September 18, 1952.


Attorney(s) appearing for the Case

John P. Lipscomb, Jr., Esq., and C. Rudolf Peterson, Esq., for the petitioner.

E. M. Woolf, Esq., for the respondent.


OPINION.

OPPER, Judge:

A deficiency in excess profits taxes for the calendar year 1943 determined in the amount of $13,985.79 constitutes the occasion for the present controversy. An overpayment is also claimed. All of the facts have been stipulated and are hereby found accordingly.

The sole issue is the correct amount of petitioner's opening inventory on the first day of the tax year. Prior thereto petitioner had been one of a number of corporations...

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