Gamlen Chemical Co. v. United States
United States Tax Court
Renegotiation -- $ 500,000 Limitation. -- A determination of excessive profits need not be limited to the excess over $ 500,000 of the renegotiable income.
1Opinion of the Court
OPINION.
Muhdock, Judge:
The War Contracts Price Adjustment Board notified Gamlen Chemical Company oí a determination that its profits derived from contracts and subcontracts subject to renegotiation for 1944 were excessive and should be eliminated in the amount of $100,-000. The only issue requiring decision is whether the renegotiable income of one subject to renegotiation can be reduced below $500,000 by a determination eliminating excessive profits from that renegotiable income.
The facts have been submitted by a stipulation which is adopted as the findings of fact.
Gamlen Chemical Company is…
2Cases cited2 opinions
- Beeley v. War Contracts Price Adjustment BoardUnited States Tax Court · 1949
- Wolff v. MacauleyUnited States Tax Court · 1949
3Cited by1 opinion
- Gamlen Chemical Co. v. United StatesUnited States Tax Court · 1957