Legal Opinion
Rice Drug Co. v. Commissioner
Court of Appeals for the Third Circuit
Decided June 17, 1949No. 9799PublishedCited by 4 opinions
1Opinion of the Court
KALODNER, Circuit Judge.
This petition for review raises a narrow issue, whether under Section 711(a) (2) (H) of the Internal Revenue Code1 the taxpayer was entitled to exclude from its excess profits net income recoveries made by it on accounts acquired from its predecessor. The Commissioner of Internal Revenue determined deficiencies in petitioner’s excess profits tax returns for the fiscal years ended September 30, 1943, and September 30, 1944, disallowing exclusions from its excess profits net income attributable to such recoveries. The Tax Court agreed with the Commissioner, one judge…
2Cases cited3 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- National Bank of Commerce v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1940
- Rice Drug Co. v. CommissionerUnited States Tax Court · 1948
3Cited by4 opinions
- Jacobson v. Pitman-Moore, Inc.District Court, D. Minnesota · 1984
- Ridge Realization Corp. v. CommissionerUnited States Tax Court · 1966
- Adams-Mitchell Co. v. Cambridge Distributing Co., LimitedCourt of Appeals for the Second Circuit · 1951
- Ridge Realization Corp. v. CommissionerUnited States Tax Court · 1966