Stribling Brothers Machinery Co. v. United States

COX, Chief Judge.

The taxpayer instituted this suit in this court for the recovery of income taxes in the amount of $30,514.90 for the fiscal year ending September 30, 1951, and $15,576.86, for income taxes for the fiscal year ending September 30, 1952, plus interest thereon from November 5, 1956. The claim arises out of a back assessment by the District Director of Internal Revenue of such taxes for said years against the taxpayer. The dispute between the parties hinges around the formula used for determination of the excess profit tax credit under the Korean Excess Profit Tax Act. The…