OVERLAKES CORPORATION v. C.I.R.

No. 339, Docket 29378.

348 F.2d 462 (1965)

The OVERLAKES CORPORATION, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided July 8, 1965.


Attorney(s) appearing for the Case

Elden McFarland, of McFarland, Jacobs, Barry & Latchford, Washington, D. C. (Edwin A. Tennant, Jr., Wagner, Quillinan & Tennant, New York City, of counsel), for petitioner.

Loring W. Post, Attorney, Department of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Attorneys, Department of Justice, Washington, D. C., on the brief), for respondent.

Before KAUFMAN, HAYS and ANDERSON, Circuit Judges.


PER CURIAM:

We affirm the decision of the Tax Court. 41 T.C. 503 (1964). The facts of the case are fully set forth in the Tax Court's opinion. The petitioner entered into a defense contract in 1951 with the Army Signal Corps Procurement Agency to supply a number of reels of wire as required. The contract contained a provision for redetermination of price "because of the experimental and developmental nature of the work * * * and the...

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