Houston Textile Co. v. Commissioner

Petitioner is a Texas corporation which was dissolved October 31, 1945, and under the applicable statutes has a taxable year of less than 12 months, to wit, August 1 to October 31, 1945. It elected to have its excess profits tax for the period in question computed under section 711 (a) (3) (B) of the Internal Revenue Code and its right to do so is not in dispute. Under such computation its adjusted excess profits net income was $ 81,764.17. Petitioner's actual net income for the three-month period involved was $ 52,362.60. In his determination of a deficiency in petitioner's income tax for…