Case Name: American Leather Products Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1927-08-08
Citations: 7 B.T.A. 1043
Docket Number: Docket No. 10619
Parties: American Leather Products Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: Considered by Littleton.
Reporter: Reports of the United States Board of Tax Appeals
Volume: 7
Pages: 1043–1043

Head Matter:
American Leather Products Co., Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 10619.
Promulgated August 8, 1927.
A. 8. Lisenby, Esq., for the respondent.

Opinion:
Smith:
This is a proceeding for the redetermination of a deficiency in income and profits tax for the calendar year 1920 in an amount less than $10,000. All issues have been withdrawn except that with respect to the correctness of the Commissioner's action in reducing petitioner's invested capital for 1920 by reason of accruing a tentative tax for the year 1920 pro rata throughout the year. This reduced the amount available for dividends on March 15,1920, by an amount alleged to be $1,873.43. The answer of the Commissioner admits that the Commissioner did not adjust the petitioner's invested capital in accordance with the decision of the Board in Appeal of L. S. Ayers & Co., 1 B. T. A. 1135. The deficiency should be redetermined in accordance with the rule laid down in that appeal.
Judgment will be entered on 15 days' notice, under Bule 50.
Considered by Littleton.