R. & J. Furniture Co. v. Commissioner
United States Tax Court
1. Held, petitioner, in 1940, acquired substantially all of the properties of a partnership bearing the same name in an exchange to which section 112 (b) (5), Internal Revenue Code, applies and petitioner is, therefore, an "acquiring corporation" within the meaning of section 740 (a) (1) (D), Internal Revenue Code, and is entitled to an excess profits credit based upon the average base period net income of the partnership adjusted as required by section 742 (g), Internal…
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1. Held, petitioner, in 1940, acquired substantially all of the properties of a partnership bearing the same name in an exchange to which section 112 (b) (5), Internal Revenue Code, applies and petitioner is, therefore, an "acquiring corporation" within the meaning of section 740 (a) (1) (D), Internal Revenue Code, and is entitled to an excess profits credit based upon the average base period net income of the partnership adjusted as required by section 742 (g), Internal Revenue Code 2. Adjustments to the partnership's base period net income for the purposes of computing petitioner's excess…
1Opinion of the Court
OPINION.
Van Fossan, Judge:
It is petitioner’s position that, for excess profits tax purposes, it is entitled to compute its excess profits credit for the years involved under the income method provided in section 713, Internal Revenue Code,1 using as its average base period net income the earnings of the partnership during the years 1936 to 1939, inclusive. For petitioner to prevail, the transaction by which it acquired its initial assets must be shown to have been such as to qualify petitioner as an “acquiring corporation” within the meaning of section 740 (a) (1) (D) of the Internal Kevenue…
2Cases cited7 opinions
- William Leveen Corp. v. CommissionerUnited States Tax Court · 1944
- Harris Hardwood Co. v. CommissionerUnited States Tax Court · 1947
- Commissioner of Internal Revenue v. CrichtonCourt of Appeals for the Fifth Circuit · 1941
- Iron Fireman Mfg. Co. v. Comm'rUnited States Tax Court · 1945
- Faigle Tool & Die Corp. v. CommissionerUnited States Tax Court · 1946
2 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- James Armour, Inc. v. CommissionerUnited States Tax Court · 1964
- Moffatt v. CommissionerUnited States Tax Court · 1964
- Daniels Buick, Inc. v. CommissionerUnited States Tax Court · 1956
- Dixie Portland Flour Co. v. CommissionerUnited States Tax Court · 1958
- Frederic R. Harris, Inc. v. CommissionerUnited States Tax Court · 1963
10 more not listed; retrieve them via the Exa API.