Midvale Co. v. United States

The plaintiff sued to recover $624,922.52, with interest, representing excess profits tax and deficiency interest for the years 1940-1945, inclusive, (The Midvale Company v. United States, 129 C. Cls. 483). The plaintiff contended that the Commissioner of Internal Revenue erroneously computed its excess profits credit under section Ill (b) (1) of the Excess Profits Tax of 1940, as amended (26 U. S. C. 110-184, note 1946 ed.; repealed November 8, 1945, 59 Stat. 568), because the Commissioner erroneously reduced its base period net income by excluding certain amounts received in those years but…