Court of Appeals for the Fourth Circuit March 29, 1965, 9754 (Commissioner of Internal Revenue v. United Contractors, Inc.)

PER CURIAM.

This appeal by the Commissioner from a decision by the Tax Court

1

in favor of the respondent, United Contractors, Inc., raises the question of whether a parent corporation’s intercompany profit

2

eliminated in a consolidated income tax return for the taxable period ended September 30, 1951, is realized by the parent corporation and taxable to it as ordinary income upon the sale of