Martin Mfg. Co. v. Renegotiation Board
United States Tax Court
In 1959 and 1960 petitioner manufactured shirts and jumpers for the armed services under contracts requiring it either to deposit the cash equivalent of the value of the Government-furnished material for the garments or post bond in like amount. The contracts were obtained in open competitive bidding. Held, that petitioner's profits for 1959 and 1960 were not excessive.
1Opinion of the Court
FINDINGS OF FACT AND OPINION
Arundell, Judge:
The Renegotiation Board determined that petitioner’s profits on renegotiable contracts for the manufacture of shirts and jumpers for the armed services, amounting to $270,298 for the fiscal year ended June 80,1959, and $213,894 for the fiscal year ended J une 30,1960, were excessive to the extent of $65,000 for the fiscal year ended June 30, 1959, and $50,000 for the fiscal year ended June 30, 1960. The reasonable amount of such profits is the only issue involved.
The evidence was heard by a commissioner for the Court, and his report, with such…
2Cases cited1 opinion
- Ellis Coat Co. v. Secretary of WarUnited States Tax Court · 1947
3Cited by8 opinions
- A. C. Ball Co. v. United StatesUnited States Court of Claims · 1976
- Offner Products Corp. v. Renegotiation BoardUnited States Tax Court · 1968
- Winfield Mfg. Co. v. Renegotiation BoardUnited States Tax Court · 1971
- S. S. Silberblatt, Inc. v. Renegotiation BoardUnited States Tax Court · 1969
- Martin Mfg. Co. v. Renegotiation BoardUnited States Tax Court · 1965
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