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OFFNER PRODUCTS CORP. v. RENEGOTIATION BOARD

Docket No. 986-R.

50 T.C. 856 (1968)

OFFNER PRODUCTS CORPORATION, PETITIONER v. RENEGOTIATION BOARD, RESPONDENT.

United States Tax Court.

Filed September 16, 1968.

Attorney(s) appearing for the Case

Lester Reinwald and Morris Glasser, for the petitioner.

Irwin Goldbloom, for the respondent.

DAWSON, Judge:

The Renegotiation Board determined that petitioner's profits on renegotiable contracts for the manufacture and sale of electronic jet engine fuel controls to Hamilton Standard Division of United Aircraft Corp., amounting to $205,257.01 for the fiscal year ended December 31, 1954, were excessive to the extent of $75,000.

The issue for decision is whether the profits derived by petitioner from the sales of electronic jet engine fuel controls...

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