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Show TAX ON PROFITS DECLARED VALID PHILADELPHIA, June 9. The government's gov-ernment's wartime tax on the profits of munition manufacturers, contested by producer? pro-ducer? of pans of Fhellf. who claimed that the Impost was intended to apply only to completed articles, was upheld by the circuit court of appeals here today. In a proup of three decIMona, holding that any participant In the abnormal profits of munition maklnu: must suhm't himself 10 taxation laid upon tills chJ of income, the court sustained a p(r -crnmcnt polh-y involving many million of dollars in revenue already collected or in course of collection. Opposite action hv the court would have necessitated legislation to ' mako up the consequent deficit in federal receipts. |