Nivison-Weiskopf Co. v. Commissioner
United States Tax Court
Petitioner claiming credit for agreed constructive average base period net income under section 722held entitled to compute credit thereon applicable to all excess profits tax years notwithstanding actual losses in the base period also permit it to take deduction for net loss carry-over. E. P. C. 29 held erroneous.
1Opinion of the Court
The Nivison-Weiskopf Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Nivison-Weiskopf Co. v. Commissioner
Docket No. 26564
United States Tax Court
18 T.C. 1025; 1952 U.S. Tax Ct. LEXIS 101;
September 18, 1952, Promulgated
Decision will be entered under Rule 50.
Petitioner claiming credit for agreed constructive average base period net income under section 722held entitled to compute credit thereon applicable to all excess profits tax years notwithstanding actual losses in the base period also permit it to take deduction for net loss carry-over. E. P. C. 29 held erroneous.
N. Barr…
2Cases cited6 opinions
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Clinton Carpet Co. v. CommissionerUnited States Tax Court · 1950
- Fezandie & Sperrle v. Comm'rUnited States Tax Court · 1945
- D. L. Auld Co. v. CommissionerUnited States Tax Court · 1952
- Industrial Loan Soc. v. CommissionerUnited States Tax Court · 1950
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