Belmont Iron Works v. Commissioner

OPINION.

The decision in this appeal is controlled by the decisión of the Board in the Appeal of L. S. Ayers & Co., 1 B. T. A. 1135, where it was held that in computing invested capital the earnings available for the payment of a dividend are not to be reduced by a theoretical or tentative tax.

Decision will be entered, on W days' notice, under Rule 50.