The R. & J. Furniture Company v. Commissioner of Internal Revenue

L hjti UUKlAffl.

The above cause coming on to be heard upon the transcript of the record, the briefs of the parties, and the arguments 0f counsel in open court, and it appearing that petitioner corporation acquired the properties of a partnership, bearing the same name, in an exchange to which Section 112(b) (5) of the Internal Revenue Code, 26 U.S.C.A. § 112(b) (5), applies, and that petitioner is, therefore, an “acquiring corporation” within the meaning of Section 740(a) (1) (D) of the Internal Revenue Code, 26 U.S.C.A. § 740(a) (1) (D) ; and is entitled to an excess profits credit based…