Ainsworth Mfg. Corp. v. Commissioner
United States Tax Court
Excess Profits Tax -- Pleadings -- Rule 50 -- Unused Excess Profits Credit Carry-Over -- Variable Credit Rule. -- A taxpayer granted section 722 relief on the basis of qualification under section 722 (b) (2) may have an unused excess profits credit carry-over from 1940 to 1941, previously claimed on its application for relief, computed on the basis of the constructive average base period net income, determined by the Court for 1941 and later years, routinely as a matter of…
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Excess Profits Tax -- Pleadings -- Rule 50 -- Unused Excess Profits Credit Carry-Over -- Variable Credit Rule. -- A taxpayer granted section 722 relief on the basis of qualification under section 722 (b) (2) may have an unused excess profits credit carry-over from 1940 to 1941, previously claimed on its application for relief, computed on the basis of the constructive average base period net income, determined by the Court for 1941 and later years, routinely as a matter of right without specifically pleading its claim to computation on that basis.
1Opinion of the Court
Ainsworth Manufacturing Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Ainsworth Mfg. Corp. v. Commissioner
Docket No. 25767
United States Tax Court
24 T.C. 173; 1955 U.S. Tax Ct. LEXIS 193;
May 6, 1955, Filed
Excess Profits Tax -- Pleadings -- Rule 50 -- Unused Excess Profits Credit Carry-Over -- Variable Credit Rule. -- A taxpayer granted section 722 relief on the basis of qualification under section 722 (b) (2) may have an unused excess profits credit carry-over from 1940 to 1941, previously claimed on its application for relief, computed on the basis of the…
2Cases cited6 opinions
- Packer Pub. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1954
- Neilsen Lithographing Co. v. CommissionerUnited States Tax Court · 1952
- Ainsworth Mfg. Corp. v. CommissionerUnited States Tax Court · 1954
- Charis Corp. v. CommissionerUnited States Tax Court · 1954
- Hugo Brand Tannery, Inc. v. CommissionerUnited States Tax Court · 1953
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