John L. Denning & Company, Inc. v. Commissioner of Internal Revenue

PHILLIPS, Chief Judge.

This is a petition to review a decision of the Tax Court. It involves deficiencies in income, declared value excess profits, and excess profits taxes for the years ending February 29, 1944, and February 28, 1945, asserted against John L. Denning & Co., Inc., a Louisiana corporation. 1

There is no substantial dispute in the material facts.

During the tax years here involved and for many years prior thereto, the corporation was engaged in the business of buying and selling broom corn and broom corn supplies such as broom handles, twine, and other like articles. The buying…