[Download] "Firemens Ins. Co. v. Smith" by United States Court of Appeals Eighth Circuit. * Book PDF Kindle ePub Free
eBook details
- Title: Firemens Ins. Co. v. Smith
- Author : United States Court of Appeals Eighth Circuit.
- Release Date : January 28, 1950
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 60 KB
Description
Petitioner seeks review of a decision of the Tax Court sustaining the Commissioner in his determination of deficiencies in petitioners declared value excess profits tax liability in the amount of $1,890.64 and in its excess profits tax in the amount of $77,766.00, both for the taxable year 1946. Petitioner sought redetermination by the Tax Court of the asserted deficiencies for the year in question on the ground that the Commissioner had erred (1) in holding that petitioner was not entitled to deduct as a business expense the sum of $7,942.04 expended during the taxable year by the Midwest Research Institute out of a total sum of $20,000 paid by petitioner to the Institute to carry on certain research and development work pursuant to contract; and (2) in holding that money borrowed by petitioner, evidenced by notes, to purchase United States war bonds did not constitute borrowed invested capital and could not be added to petitioners credit for excess profits tax determination. The Tax Court decided that the Commissioner did not err in determining the deficiencies, its opinion together with its findings of fact being reported at 12 T.C. 760.