National Fruit Product Co., Inc. v. United States

The judgment in this case is affirmed upon the opinion of Judge Paul in National Fruit Product Co., Inc., v. United States, D.C.W.D.Va., 105 F.Supp. 658. The gist of the taxpayer’s argument is that there is a definite relationship between the-inclusion of 50 per cent, of borrowed capital in computing the excess profits credit under Section 714 of the statute, 26 U.S. C.A., and the deduction of the interest paid' by the taxpayer to the extent of 50 per cent, of the total; and hence when Congress provided in the repealing act that there should be no unused excess profits-credit after December…