Tennessee-Arkansas Gravel Co. v. Commissioner of Internal Revenue

HICKS, Circuit Judge.

Petition of Tennessee-Arkansas Gravel Company to review a decision of the Board of Tax Appeals affirming the action of the Commissioner of Internal Revenue in assessing against it, on redetermination, deficiencies in income and excess-profits taxes for the year 1934 in the amount of $1,915.-54 and $384.06, respectively.

Petitioner was a Tennessee corporation, organized in 1923 to recover sand and gravel from the Mississippi river bed and sell the same. Its business itivolved the use of river dredges, barges, boats, etc., and a plant for washing and storing the product,…