Junior Toy Corp. v. United States

LITTLETON, Judge.

The plaintiffs, all corporations, had war contracts with the United States, and each of the contracts with which these cases are concerned were subject to renegotiation under the applicable Acts of Congress, whereby the profits to which plaintiffs would be entitled upon completion would be finally determined, and appropriate income tax adjustments made in the year or years of performance, Section 3806, Internal Revenue Code, 26 U.S.C.A. § 3806, in the year of renegotiation, in the event it was determined that the contractor had received excessive profits under the contracts.…