Tankport Terminals, Inc. v. Commissioner
United States Tax Court
Held, the petitioner has shown that Tankport commenced business during the base period within the meaning of section 722 (b) (4) and that its excess profits tax computed without the benefit of section 722 results in an excessive and discriminatory tax. Held, further, a constructive average base period net income determined.
1Opinion of the Court
Tzetjens, Judge:
The Commissioner denied the petitioner’s claims for excess profits tax relief under section 722 of the Internal Revenue Code of 1939, for the fiscal years ended April 30,1944,1945, and 1946.
We must decide whether the petitioner is qualified for such relief by reason of the fact that it commenced business during the base period or was committed prior to January 1, 1940, to a change in capacity of its business and allegedly did not reach by the end of the base period the earning level it would have reached had it commenced business or changed its capacity 2 years before it did…
2Cases cited2 opinions
- East Texas Motor Freight Lines v. CommissionerUnited States Tax Court · 1946
- Midvale Co. v. CommissionerUnited States Tax Court · 1953
3Cited by1 opinion
- Tankport Terminals, Inc. v. CommissionerUnited States Tax Court · 1957