Appeal from the Order of the Board of Finance and Revenue in case of Petition of Pincus Brothers, Inc., No. R-24531.
William P. Thorn, with him Wolf, Block, Schorr and Solis-Cohen, for appellant.
Eugene J. Anastasio, Deputy Attorney General, for appellee.
Judges Crumlish, Jr., Kramer, Wilkinson, Jr., Mencer, Rogers and Blatt. President Judge Bowman did not participate. Opinion by Judge Kramer.
This is an appeal by Pincus Brothers, Inc. (Pincus), from a resettlement of Pincus' corporate net income tax for the calendar year 1967 as determined by the Board of Finance & Revenue (Board). The Board's determination came about as the result of a Petition for Review by Pincus of the resettlement as determined by the Department of Revenue.
At the hearing held before this Court, a partial stipulation of facts was presented, received and filed, together with an agreement to trial without a jury. Said stipulation is accepted and utilized for purposes of this opinion. To fully comprehend our discussion, we set forth certain of the stipulated facts pertinent to this opinion, followed by additional findings of fact as developed in the record.
1. Pincus is a Pennsylvania corporation engaged in the business of manufacturing men's clothing, with
its principal office and plant in Philadelphia. Pincus duly filed its corporate net income tax report for the year ending 12-31-67. Said report showed, inter alia :
Net Income to be allocated $325,103.00
No. 1 $3,421,379 = .952479
No. 2 $3,722,882 = .933346
No. 3 $1,119,275 = .102504
allocated net income 215,470.00
Less: Additional depreciation 32,557.00