United States v. Lederer Terminal Warehouse Co.

MARTIN, Circuit Judge.

The appellee paid a deficiency in its excess profits tax for 1934 assessed by the Commissioner of Internal Revenue on the basis of the original declared value of its capital stock. The Commissioner rejected, as the basis, a higher declared value in an amended capital stock tax return, filed by the taxpayer on August 31, 1934, within the time allowed for filing the original return. This ruling of the Commissioner was unquestionably erroneous; for on January 2, 1940, in resolving a conflict between the decision of the Fifth Circuit Court of Appeals, Haggar Co. v.…