Zenith Milling Co. v. Lucas

SANBORN, District Judge.

This appeal involves excess profits taxes for the year 1919, and comes to this court upon a petition to review a decision of the Board of Tax Appeals entered January 20, 1928. 8 B. T. A. 12791. The amount of the tax was directly affected by the amount of appellant’s invested capital.

The appellee concedes that the appellant should have been allowed an invested capital of $75,000 ($50,000 capital and $25,000 surplus). The appellant claims that, in addition, it should have been allowed as invested capital $194,887.55, made up of $84,992.47, the amount contributed by the…