Community Public Service Co. v. Commissioner
United States Tax Court
In 1935 petitioner acquired from its predecessor corporation certain assets through a bankruptcy proceeding, within section 121 of the Revenue Act of 1943. Held, that in computing unused excess profits credits for 1941 and 1942, to be carried forward and used in computing its 1943 tax, the petitioner properly used its predecessor's basis, as provided in section 121, Revenue Act of 1943.
1Opinion of the Court
Community Public Service Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Community Public Service Co. v. Commissioner
Docket No. 17066
United States Tax Court
12 T.C. 893; 1949 U.S. Tax Ct. LEXIS 181;
May 31, 1949, Promulgated
Decision will be entered that there was an overpayment of excess profits tax for the year 1943 in the amount of $ 62,444.55. No deficiency was determined in income tax, and, for lack of jurisdiction, no decision will be entered with respect to income tax.
In 1935 petitioner acquired from its predecessor corporation certain assets through a bankruptcy…
Also in this document: Dissent.
2Cases cited3 opinions
- Moore, Inc. v. CommissionerUnited States Tax Court · 1944
- Reo Motors, Inc. v. CommissionerUnited States Tax Court · 1947
- Community Public Service Co. v. CommissionerUnited States Tax Court · 1949