Sokol Bros. Furniture Co. v. Commissioner of Internal Revenue

RUSSELL, Circuit Judge.

In this proceeding, Sokol Brothers Furniture Company, seeks a review and reversal of the decision of the Tax Court upholding the Commissioner’s determination of the taxpayer’s deficiency in excess profits taxes for 1944 and 1945. By stipulation all issues have been removed 'from the petition for review except the Tax 'Court’s holding, contrary to the contentions of the petitioner, that in the computation of excess profits taxes imposed by section 710 of the Internal Revenue Code, 26 U.S.C.A. § 710, the election exercised by the taxpayer to compute its income from…