The Hays Corporation v. Commissioner of Internal Revenue

HASTINGS, Chief Judge.

We have for review a decision of the Tax Court of the United States concerning deficiencies in federal income taxes of petitioner, The Hays Corporation, for the year 1957. Tax Court Docket No. 87979. The opinion of the Tax Court, by Judge Forrester, was filed May 28, 1963. Decision was entered pursuant thereto July 8, 1963. The decision and supporting opinion are reported. Hays Corporation, 40 T.C. 436.

Most of the facts were stipulated. We are concerned only with questions of law.

Petitioner-taxpayer is an Indiana corporation engaged in the manufacture of precision…