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AMERICAN METAL CLIMAX, INC. v. COMMISSIONER

Docket No. 58218.

41 T.C. 292 (1963)

AMERICAN METAL CLIMAX, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed November 26, 1963.

Attorney(s) appearing for the Case

John P. Lipscomb, Jr., for the petitioner.

Arthur N. Mindling and S. A. Winborne, for the respondent.

FORRESTER, Judge:

The issue in this case is excess profits taxes under section 721 of the Internal Revenue Code of 1939, as amended,1 for the calendar year 1942. The principal questions are the existence of "net abnormal income" in such year, and the portion thereof attributable to other taxable years under section 721(b).

On November 21, 1961, we filed our Findings of Fact and Opinion herein, 37 T.C. 30. We decided in such...

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