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BROOKFIELD WIRE CO., INC. v. C. I. R.

No. 81-1043.

667 F.2d 551 (1981)

BROOKFIELD WIRE COMPANY, INC., Petitioner, Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent, Appellee.

United States Court of Appeals, First Circuit.

Decided December 29, 1981.

Attorney(s) appearing for the Case

D. Michael Kratchman, Detroit, Mich., with whom Edward M. Deron, and Evans & Luptak, Detroit, Mich., were on brief, for appellant.

Karl P. Fryzel, Atty., Tax Division, Dept. of Justice, Washington, D. C., with whom John F. Murray, Acting Asst. Atty. Gen., Michael L. Paup and Richard Farber, Attys., Tax Division, Dept. of Justice, Washington, D. C., were on brief, for appellee.

Before COFFIN, Chief Judge, ALDRICH, Senior Circuit Judge, and BREYER, Circuit Judge.

ALDRICH, Senior Circuit Judge.

Taxpayer Brookfield Wire Company's appeal from a decision in favor of the Commissioner of Internal Revenue, 49 T.C.M. (P-H) ¶ 80,321, presents a single question, whether the Tax Court was plainly wrong in finding that it accumulated earnings and profits beyond its reasonable business needs in the year 1973 for the purpose of avoiding taxation of its then sole stockholder. Int. Rev.Code of 1954 (26 U.S.C.) §§ 531-537.

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