Atlantic Greyhound Corp. v. United States

This is an action to recover excess profits taxes for the years 1942 and 1943 assessed against and paid by plaintiff, *116a common carrier of passengers by motorbus. The facts have been stipulated, and the only issues before us are the legal conclusions to be drawn from those facts.

Plaintiff contends that in computing its excess profits tax liability for the years here involved, its base period excess profits net income should be adjusted by disallowing, pursuant to the provisions of section 711 (b) (1) (E) of the Internal Eevenue Code, 26 U. S. C., the cost of repairs to its buses in the base…