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WILLARD HELBURN, INC. v. COMMISSIONER OF INTERNAL REV.

No. 4796.

214 F.2d 815 (1954)

WILLARD HELBURN, Inc. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals, First Circuit.

July 22, 1954.

Attorney(s) appearing for the Case

George B. Lourie, Boston, Mass. (Arnold R. Cutler and LaRue Brown, Boston, Mass., on the brief), for petitioner.

Davis W. Morton, Jr., Sp. Asst. to Atty. Gen. (H. Brian Holland, Asst. Atty. Gen., and Ellis N. Slack and Lee A. Jackson, Sp. Assts. to Atty. Gen., on the brief), for respondent.

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

MAGRUDER, Chief Judge.

We have for review a decision of the Tax Court of the United States, 20 T.C. 740, determining a deficiency of $35,325.95 in income taxes of Willard Helburn, Inc., for the fiscal year ending November 30, 1949. The only issue to be considered is whether the Tax Court correctly ruled that petitioner, due to the devaluation of the pound sterling from $4.04 to $2.81 on September 18, 1949, realized additional taxable...

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