Page 1942, October 31; 56 Stat. 1013; Davis Airfoils....... 499 1944, February 25; 58 Stat. 21, 78–81, 87; Whitehead.......... 136 1945, July 3; 59 Stat. 389, 391; Union Pacific__ 254 1945, July 28; 59 Stat. 503; Luna 52 1945, November 8; 59 Stat. 556, Tennessee Products Corp- - - 1 1945, December 12; 59 Stat. 606; Union Pacific... 254 1946, March 8; 60 Stat. 41; Southeastern Oil 561 1946, July 16; 60 Stat. 541, 560; Union Pacific. 254 1946, August 2; 60 Stat. 812, 842; Hacker___ 261 1946, August 9; 60 Stat. 963; Cravens 415 1946, August 13; 60 Stat. 1049; Pawnee Indian Tribe... 1947, July 30; 61 Stat. 585, 603; Southeastern Oil... 1947, August 5; 61 Stat. 776: 324 561 Page 1949, August 24; 63 Stat. 1169; Breinig Brothers_. 645 1952, July 17; 66 Stat. 757; Strategical Demolition. 492 Title 18, Sections 88, 91, 201, 207; Littlefield-Greene 105 Title 18, Sections 729-732; Brunner__ 643 Title 18, Section 1461 (1946 Ed. Supp. V); Sinclair__. 182 Title 26, Sections 143 (b) and 144; Eterpen Financiera.__ 20 Title 26, Section 231 (a) (1); Eterpen Financiera___ 20 781 Title 26, Sections 1800, 1801 (1946 Ed.); Stuyvesant Town Corp. 686 Title 28, Sections 269 and 276 (1946 Ed.); Kamen Soap Products_ 519 Title 28, Section 377; Kamen Soap Products----. 519 Title 28, Sections 1651, 2071, 2503, 2507; Kamen Soap Products. 519 Title 28, Section 2513 (1946 Ed., Supp. V); Sinclair 182 Title 28, Section 2515 (b); Brunner.. 643 Title 35, Section 40; Eterpen Financiera. 20 Title 39, Section 138 (1946 Ed.); Twentier, et al---- 244 Title 41, Section 12.22 (App.); Refining Associates, Inc. -- 115 309 Title 41, Section 107; Erie Basin, et al. 95 Title 49, Section 65 (a); Union Pacific.. 254 Title 49, Section 316 (e) (1946 Ed.); Greyhound Corp. -- 758 McCormick. 111 Green.... 186 Title 50, Sections 301-318 (App.); O'Hare............. Section 869; Kamen Soap Products.... Section 1076; Kamen Soap Products.. Section 1078; Kamen Soap Products-- Sections 1245, 1251; Cravens. Section 4884; Eterpen Financiera.... Title 60, Sections 4886 and 4888; Davis Airfoils.......... CASES DECIDED IN THE UNITED STATES COURT OF CLAIMS January 1, 1953 to April 30, 1953, and other cases not heretofore published. Opinions are not ordinarily published until final judgment is rendered. Cases in which motions have been filed are not published until disposition of such motions. TENNESSEE PRODUCTS CORPORATION v. THE UNITED STATES [No. 47514. Decided October 7, 1952] On the Proofs Income and excess profits tax; equity invested capital; property paid in for stock or for cash; valuation.—In a suit for refund of income and excess profits taxes for the years 1939, 1940, and 1941, the plaintiff having obtained certain property in 1917 from William J. Cummins, in exchange for its capital stock, in computing its excess profits tax credit for 1941 claims it was entitled to include this property as part of its equity invested capital at the fair market value of the stock issued to Cummins in the exchange and that the fair market value of the stock at the time of the transactions was $67.50 per share. It is held that plaintiff is entitled to receive a refund of its excess profits tax for the year 1941, computed upon the basis of an equity invested capital figure containing the amount of $3,375,000 based on $67.50 per share for property paid in for stock. Entry of judgment suspended to await a computation and stipulation showing the amount due in accordance with the opinion. Internal Revenue 903 Same; refunds in agreed amounts.-It is further adjudged that the taxpayer is entitled to receive refunds of income and excess profits taxes computed upon the basis of the agreements entered into by the parties and set forth in the court's findings of fact. Internal Revenue 1967 1 |