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CHARLES TOWN, INCORPORATED v. C. I. R.

No. 10645.

372 F.2d 415 (1967)

CHARLES TOWN, INCORPORATED, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided January 31, 1967.

Attorney(s) appearing for the Case

George T. Altman, Beverly Hills, Cal. (Stanley H. Wilen, Baltimore, Md., on brief), for petitioner.

Albert J. Beveridge, III, Attorney, Department of Justice (Richard C. Pugh, Acting Asst. Atty. Gen., Lee A. Jackson and Gilbert E. Andrews, Attorneys, Department of Justice, on brief), for respondent.

Before HAYNSWORTH, Chief Judge, and BRYAN and CRAVEN, Circuit Judges.

CRAVEN, Circuit Judge:

The Tax Court sustained the action of the Commissioner of Internal Revenue in redistributing income for fiscal years ending November 30, 1958, and 1959, from Fairmount Steel Corporation to Charles Town, Incorporated, under Sections 61 and 482 of the Internal Revenue Code of 1954.1 The Commissioner's allocation under Section 482 is predicated on the alleged shifting of profits from one controlled entity (Charles Town...

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