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CALDWELL-CLEMENTS, INC. v. COMMISSIONER

Docket No. 51570.

27 T.C. 691 (1957)

CALDWELL-CLEMENTS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed January 22, 1957.

Attorney(s) appearing for the Case

Paul D. Seghers, Esq., and William J. Reinhart, Esq., for the petitioner.

Martin D. Cohen, Esq., for the respondent.

The Commissioner determined a deficiency in the petitioner's excess profits tax for 1943 in the amount of $42,158.45. The sole issue herein is whether the petitioner may deduct $60,568.71 or some lesser amount from its excess profits net income for 1943 as abnormal net income attributable to prior years for the purpose of the alternative computation of its excess profits tax liability pursuant to section 721 of the Internal Revenue Code of 1939.

FINDINGS OF FACT...

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