Commissioner of Internal Revenue v. Pfaudler Inter-American Corporation

LUMBARD, Chief Judge:

The sole question presented on this appeal is whether the taxpayer, Pfaudler Inter-American Corporation, qualifies under the Internal Revenue Codes of 1939 and 1954 as a Western Hemisphere trade corporation so as to be entitled to the credit established in § 26(i) 1 of the 1939 Code, the exemption from excess profits tax granted by § 454 (f) 2 of the 1939 Code, and the deduction granted in § 922 3 of the 1954 Code. The Commissioner here petitions for review of a decision of the Tax Court which resolved this question in the affirmative and held that there were no…