Forge Coal Mining Co. v. Commissioner

This is an appeal from the determination of a deficiency in income and profits taxes for the years 1920 and 1921 in the amounts, respectively, of $3,689.28 and $858.01, a total of $4,547.29.

FINDINGS OF FACT.

The taxpayer is a Pennsylvania corporation, engaged in the mining of coal, and maintains its principal office in Philadelphia.

On March 22, 1921, the stockholders authorized an increase of its capital stock from $30,000 to $300,000, and, pursuant to this authorization, received subscription agreements on account of the issue of $150,000 of such stock in the following form:

March 22, 1921.

Forg…