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THOMAS PAPER STOCK CO. v. COMMISSIONER

Docket No. 47185.

22 T.C. 1294 (1954)

THOMAS PAPER STOCK CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 30, 1954.

Attorney(s) appearing for the Case

Richard Weinberger, Esq., for the petitioner.

Andrew Kopperud, Jr., Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined a deficiency of $3,103.99 in the income tax of the petitioner for 1950. The only issue for decision is whether the petitioner had a base period capital addition which would increase its excess profits credit based on income (section 435 (f) (1) and (2), Internal Revenue Code of 1939) where the earnings of the base period years merely reduced the deficit...

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