Greenport Basin & Construction Co. v. United States

delivered the opinion of the Court.. The Greenport Company had, in 1917, an invested capital of $215,615.55. . Its net income was $76,361.20 in the taxable year ending October 31, 1917. Its prewar annual net income, calculated on a 7 per cent, basis, Was $15,093.08; and the fixed statutory deduction $3,000. The company was thus subject (for five-sixth of the year) to the excess profits tax imposed by the Revenue Act of October 3, 1917, c. 63, §§ 201, 203, 40 Stat. 300, 303, 304. 1 The Government, following Treasury Regulation No. 41; Articles 16, 17, and form 1103, assessed the tax at…