United States Board of Tax Appeals April 21, 1942, Docket Nos. 102247, 102248. (El Dorado Oil Works v. Commissioner)

lead-opinion

*996OPINION.

Kern :

Petitioner, with its main office at San Francisco, had a purchasing department at Manila through which it bought copra. The Manila agents bought from many small traders in the South Seas, but in later years mainly from those in the Philippine Islands, and at varying prices.