Squire, Collector of Internal Revenue v. Puget Sound Pulp & Timber Co

ORR, Circuit Judge.

The question presented is from what date interest begins to run against the taxpayer on the portion of excess profits tax of which payment is deferred under § 710 (a) (S) of the Internal Revenue Code, 26 U.S.C.A. § 710(a) (5). 1

Appellee taxpayer, a corporation, reported in its 1942 return excess profits tax net income in excess of 50% of its normal tax net income, computed without the credit provided in § 26(e), 26 U.S.C.A. § 26(e). At the time of making its return appellee claimed a reduction in its excess profits net income under § 722, 26 U.S.C.A. § 722, which provides…