Jacob v. Pacific Export Lumber Co.

During the years 1917,1918 and 1919, defendant was engaged in the export and import business, dealing principally in timber products and oriental merchandise on an extensive scale, its sales averaging approximately $2,750,000 per year. During the months of January and February, 1921, the commissioner of internal revenue caused defendant’s books and records to be audited and investigated. Based upon the revenue agent’s report of such investigation, additional income and excess profits tax assessments were proposed as follows: $9,513.46 for the year 1917; $19,764.10 for the year 1918; $4,031.16…