Valentine-Clark Co. v. Commissioner of Internal Revenue

BOOTH, Circuit Judge.

This is a petition for review of an order of the Board of Tax Appeals which redetermined a deficiency in the income and profits taxes of petitioner for the fiscal year ending January 31, 1921. The determination of the Commissioner of Internal Revenue was upheld.

The facts are not in dispute. The petitioner, taxpayer, kept its books during the taxable period involved on the basis of a fiscal year ending January 31, 1921. April 14,1921, the taxpayer filed its return for the fiscal year showing a net income of $37,527-43. In due course, it paid taxes^ on that basis. After the…