Case Name: Pittsburgh Valve, Foundry & Construction Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1927-03-10
Citations: 6 B.T.A. 460
Docket Number: Docket No. 9089
Parties: Pittsburgh Valve, Foundry & Construction Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Reporter: Reports of the United States Board of Tax Appeals
Volume: 6
Pages: 460–461

Head Matter:
Pittsburgh Valve, Foundry & Construction Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 9089.
Promulgated March 10, 1927.
Walter W. MeV ay, Esq., for the petitioner.
W. H. Lawder, Esq., for the respondent.

Opinion:
OPINION.
Smith :
The respondent was in error in reducing invested capital by a tentative tax in the manner indicated in the findings of fact. Appeal of L. S. Ayers & Co., 1 B. T. A. 1135..
The Commissioner correctly reduced earned surplus in each of the years by the prorated amount of the preceding year's income and profits tax. Appeal of Russel Wheel & Foundry Co., 3 B. T. A. 1168.
Judgment will he entered on 15 days' notice under Rule 50.