New York Shipbuilding Corporation v. United States

OPINION OF THE COURT

This appeal involves a construction of the Korean War excess profits tax. The United States District Court for the District of New Jersey granted appellee a $51,779.13 refund, plus statutory interest, from excess profits taxes paid for the years 1950, 1951, 1952 and 1953. A strike from August 8,1947 through October 17, 1947 was ruled an event “unusual and peculiar in the experience of such taxpayer,” 26 U.S.C. § 442(a) (1), so as to qualify appellee for a recomputation upward of its average base period net income, which resulted in a diminution of its war profits during…