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