Butkin Precision Manufacturing Corp. v. United States

This is a renegotiation proceeding in which plaintiff’s profits for its fiscal years 1968 and 1969 are at issue. The Renegotiation Board determined that plaintiff had realized excessive profits in the amount of $350,000 in its fiscal year ended July 31,1968, and $325,000 in the following 1969 year. The record does not include any statement of the Board’s reasons. This action was commenced as to fiscal year 1968 by a petition, in the United ¡States Tax Court. Thereafter, on July 27, 1971, it was transferred pursuant to Pub. L. No. 92-41, § 3, 85 Stat. 97 (1971). A similar action was filed in…