Ross B. Hammond, Inc. v. Commissioner of Internal Rev.

DENMAN, Circuit Judge.

This is a petition by taxpayer, Ross B. Hammond, Inc., a corporation, to review a decision of the. United States Board of Tax Appeals which sustained the Commissioner’s determination of a deficiency in taxpayer’s income and excess profits taxes paid for the year 1933.

The taxpayer is engaged in the business of building construction. A portion of its income was derived from construction contracts requiring more than one year to complete. For the years 1929-1931, inclusive, taxpayer reported income from such long-term contracts on the “completed contract” basis; that is…