National Fireworks, Inc. v. Commissioner of Internal Revenue

HARTIGAN, Circuit Judge.

This is a petition for review of a decision of the Tax Court of the United States entered March 2, 1956, determining a deficiency in petitioner’s excess profits tax for the fiscal year ending August 31, 1943.

The petitioner is an affiliated group of corporations consisting of a common parent, National Fireworks, Inc., hereinafter called Fireworks, and twelve other corporations. Petitioner filed consolidated corporation income tax and excess profits tax returns for the fiscal year beginning September 1, 1942 and ending August 31, 1943.

On July 31, 1942 all of the stock of…