Pure Transp. Co. v. Commissioner
United States Tax Court
Held: Petitioner's claim for excess profits tax relief under section 722(b)(2) and section 722(b)(4) is denied. The business of the petitioner's component corporation was not depressed in the base period because of temporary economic circumstances due to a purported monopoly enjoyed by another corporation. Petitioner also failed to establish that its average base period net income was an inadequate standard of its normal earnings.
1Opinion of the Court
Pure Transportation Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Pure Transp. Co. v. Commissioner
Docket No. 41442
United States Tax Court
33 T.C. 899; 1960 U.S. Tax Ct. LEXIS 200; 12 Oil & Gas Rep. 400;
February 18, 1960, Filed
Decision will be entered for the respondent.
Held: Petitioner's claim for excess profits tax relief under section 722(b)(2) and section 722(b)(4) is denied. The business of the petitioner's component corporation was not depressed in the base period because of temporary economic circumstances due to a purported monopoly enjoyed by another corporation.…
2Cases cited8 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- National Grinding Wheel Co. v. CommissionerUnited States Tax Court · 1947
- Irwin B. Schwabe Co. v. CommissionerUnited States Tax Court · 1949
- A. B. Frank Co. v. CommissionerUnited States Tax Court · 1952
- Godfrey Food Co. v. CommissionerUnited States Tax Court · 1952
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