Autosales Corporation v. Commissioner of Int. Rev.

MACK, Circuit Judge.

This appeal from an order of redetermi-nation of the Board of Tax Appeals involves assessments of income and profits taxes for the years 1917, 1918, and 1919, the validity of which depends upon whether or not respondent and the Board have correctly determined the “invested capital” of a large business enterprise which prior to those years had gone through a series of mutations in its corporate and financial structure.

The present petitioner, Auto Sales Corporation, was organized November 5, 1917, and Immediately took over all the assets of the Autosales Gum & Chocolate…