United States Board of Tax Appeals November 21, 1927, Docket No. 11552. (Belmont Iron Works v. Commissioner)

lead-opinion

*217OPINION.

Trammell:

With respect to the reduction of invested capital on account of taxes for prior years, it appears that the action of the respondent is in accordance with section 1207 of the Revenue Act of 1926. His action in that regard is, therefore, approved.