Clinton Carpet Co. v. Commissioner
United States Tax Court
Excess Profits Tax -- Relief Under Section 722 -- 722 (b) (5). -- The petitioner has not established its right to relief under section 722 (b) (5) by showing that deductions for the amortization of the cost of an exclusive sales contract, with the termination date of December 31, 1940, reduced the income of the base years but was no longer being deducted in the tax years and, as a consequence, the actual base period net income was not normal for the purpose of comparison…
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Excess Profits Tax -- Relief Under Section 722 -- 722 (b) (5). -- The petitioner has not established its right to relief under section 722 (b) (5) by showing that deductions for the amortization of the cost of an exclusive sales contract, with the termination date of December 31, 1940, reduced the income of the base years but was no longer being deducted in the tax years and, as a consequence, the actual base period net income was not normal for the purpose of comparison with the income of the tax years.
1Opinion of the Court
OPINION.
MuRDock, Judge:
The parties are agreed that the petitioner is entitled to have its excess profits net income computed by the use of the excess profits credit based on income. See sec. 711 (a) (1) and sec. 713. - They are also agreed on the amount of the petitioner’s base period' excess profits net income before adjustment for any relief to which the petitioner may be entitled under section 722 (b) (5). The petitioner does not challenge the Commissioner’s computation of the credit except as section 722 (b) (5) may apply. They differ only as to whether the base period excess profits net…
2Cases cited3 opinions
- United States v. LudeySupreme Court of the United States · 1927
- Virginian Hotel Corporation v. Helvering, Commissioner of Internal RevenueSupreme Court of the United States · 1943
- Philadelphia, G. & N. R. Co. v. CommissionerUnited States Tax Court · 1946
3Cited by33 opinions
- Foskett & Bishop Co. v. CommissionerUnited States Tax Court · 1951
- Ainsworth Mfg. Corp. v. CommissionerUnited States Tax Court · 1954
- Brown Paper Mill Co. v. CommissionerUnited States Tax Court · 1954
- Matheson Co. v. CommissionerUnited States Tax Court · 1951
- Mitchell & Co. v. CommissionerUnited States Tax Court · 1953
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