Helvering v. Lerner Stores Corp.

This is a companion case to Scaife Co. v. Commissioner, ante, p. 459. The tax in dispute is respondent’s excess profits tax for the fiscal year 1937. Respondent filed a timely capital stock tax return for' the first year, ended June 30, 1936, in which the declared value of its capital stock was stated to be $25,000. This return was filed September 27,1936, an extension of time until September 29, 1936 having been obtained. The figure of $25,000 was erroneous due to a mistake made by an employee of respondent. When the error was discovered, an amended return was tendered in which the declared…