National Steel Corporation v. The United States

SKELTON, Judge.

This action was brought to recover $130,592.02 in interest on excess profits tax overpayments which were caused by a determination favorable to taxpayer under Section 722 of the Internal Revenue Code of 1939, as amended (26 U.S.C. § 722 (1952), 56 Stat. 914). 1

National Steel Corporation reported and paid income and excess profits taxes for 1942, 1943, and 1945, as follows:

Year Income Tax Excess Profits Tax

1942 .$4,308,465.80 $3,011,176.11

1943 . 4,245,304.33 7,328,502.27

1945 . 4,284,426.54 1,382,120.15

In 1951, the Internal Revenue Service, after examining the taxpayer’s return…