Edgewater Steel Co. v. Commissioner
United States Tax Court
1. Petitioner has not shown that its excess profits taxes computed without the benefit of section 722, Internal Revenue Code of 1939, were excessive and discriminatory because of qualifying factors found in section 722 (b) (2) and (4), Internal Revenue Code of 1939. 2. No deficiencies having been determined for 1940 and 1941, we have no jurisdiction to enter a decision for refunds for such years due to standard issue adjustments pursuant to section 711 (b) (1) (J), Internal…
Read the full summary
1. Petitioner has not shown that its excess profits taxes computed without the benefit of section 722, Internal Revenue Code of 1939, were excessive and discriminatory because of qualifying factors found in section 722 (b) (2) and (4), Internal Revenue Code of 1939. 2. No deficiencies having been determined for 1940 and 1941, we have no jurisdiction to enter a decision for refunds for such years due to standard issue adjustments pursuant to section 711 (b) (1) (J), Internal Revenue Code of 1939. 3. The respondent concedes that the petitioner is entitled to a refund in excess profits tax for…
1Opinion of the Court
OPINION.
LeMiee, Judge:
The petitioner contends that its excess profits taxes for the calendar years 1940, 1941, and 1942 are excessive and discriminatory because of the existence of factors specified in subsections (b) (2) and (b) (4) of section 722 of the Internal Bevenue Code of 1939.
The primary basis for relief under (b) (2) is an alleged depression in its base period sales to railroads of equipment for rolling stock maintenance because of a temporary and unusual circumstance of a severe decline in the equipment maintenance expenditures of the railroad industry.
The petitioner is a…
2Cases cited10 opinions
- Blum Folding Paper Box Co. v. CommissionerUnited States Tax Court · 1945
- Mutual Lumber Co. v. CommissionerUnited States Tax Court · 1951
- Foskett & Bishop Co. v. CommissionerUnited States Tax Court · 1951
- A. B. Frank Co. v. CommissionerUnited States Tax Court · 1952
- Ainsworth Mfg. Corp. v. CommissionerUnited States Tax Court · 1954
5 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Capitol Fed. Sav. & Loan Ass'n v. CommissionerUnited States Tax Court · 1991
- Capitol Fed. Sav. & Loan Ass'n v. CommissionerUnited States Tax Court · 1991
- Edgewater Steel Co. v. CommissionerUnited States Tax Court · 1955