Fish Net & Twine Co. v. Commissioner
United States Tax Court
Section 722(b) (2) -- Depressed Business -- Temporary Economic Condition. -- The petitioner has failed to show either that its business or the business of the industry of which it was a member was depressed during the base period years by Japanese competition, or that the Japanese competition was a temporary economic event unusual either in the case of the petitioner or in the case of the industry.
1Opinion of the Court
OPINION.
Mukdock, Judge:
The petitioner in its application for relief under section 722 mentioned subparagraphs (1), (2), (3), and (5) of section 722 (b). It abandoned at the hearing any claim for relief under sub-paragraphs (1) and (3). The facts and arguments which it presents require a consideration only of subparagraph (2), since no “other factor” for relief under (5) has been urged.
Section 722 is entitled “General Relief — Constructive Average Base Period Net Income.” It states a general rule in paragraph (a). If a taxpayer establishes that the excess profits tax would otherwise result in…
2Cited by28 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- El Campo Rice Milling Co. v. CommissionerUnited States Tax Court · 1949
- Biddle v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1936
- Monarch Mfg. Co. v. CommissionerUnited States Tax Court · 1950
- Packer Publishing Co. v. CommissionerUnited States Tax Court · 1951
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