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CHICAGO PNEUMATIC TOOL COMPANY v. COMMISSIONER

Docket No. 46694.

13 T.C.M. 1044 (1954)

T. C. Memo. 1954-195

Chicago Pneumatic Tool Company, Petitioner v. Commissioner.

United States Tax Court.

Filed November 18, 1954.

Attorney(s) appearing for the Case

Richard H. Appert, Esq., 14 Wall Street, New York, N. Y., for the petitioner. Maurice E. Stark, Esq., for the respondent.

Memorandum Opinion

ARUNDELL, Judge:

Chapter 95 of the Act of March 27, 1934, as amended, 48 Stat. 503, authorized the construction of certain naval vessels and aircraft. Section 3 of chapter 95, 48 Stat. 505, required a provision in every contract entered into pursuant to that authorization (with minor exceptions not here material) wherein the contractor agreed to pay into the Treasury his profits from the contract in excess of specified percentages. The...

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