Holmes Projector Co. v. United States

LITTLETON, Judge.

As shown in the findings, the plaintiff’s income for 1945 was derived from contracts with the United States. These contracts provided that the prices specified therein should be paid to plaintiff by the defendant as such contracts were performed, but each contract contained a provision, pursuant to the Renegotiation Act of 1943, 59 U.S.C.A.Appendix, § 1191, that after performance such prices would be subject to renegotiation for the purpose of eliminating therefrom such profits as were found upon renegotiation to be excessive. The full face amount payable under such…