Glenfield Machine & Tool Co. v. War Contracts Price Adjustment Board
United States Tax Court
Partnership A was in business from January 1 to February 28, 1945, when one of the partners withdrew from the partnership. During that period it received amounts under contracts covered by the Renegotiation Act. It filed a "Final" partnership return of income for the period from January 1, 1945, and ending February 28, 1945. Partnership B was in business from March 1 to May 23, 1945, when one of the partners died.
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Partnership A was in business from January 1 to February 28, 1945, when one of the partners withdrew from the partnership. During that period it received amounts under contracts covered by the Renegotiation Act. It filed a "Final" partnership return of income for the period from January 1, 1945, and ending February 28, 1945. Partnership B was in business from March 1 to May 23, 1945, when one of the partners died. During that period it also received amounts under contracts covered by the Renegotiation Act. It filed a "First and Final" partnership return of income for the year beginning March…
1Opinion of the Court
OPINION.
Hill, Judge:
The War Contracts Price Adjustment Board determined that Glenfield Machine and Tool Company, (Docket No. 720-R), hereinafter referred to as the first partnership, realized excessive profits during the period from January 1,1945, to February 28, 1945, in the amount of $25,000, and that Glenfield Machine and Tool Company, (Docket No. 721-R), hereinafter referred to as the second partnership, realized excessive profits in the principal amount of $50,000.
The sole question for decision is whether or not the first and second partnerships are exempt from renegotiation under the…
2Cases cited1 opinion
- Jacobs v. CommissionerUnited States Tax Court · 1946
3Cited by6 opinions
- Haas v. United StatesUnited States Tax Court · 1955
- Park Sherman Co. v. United StatesUnited States Tax Court · 1957
- Glenfield Machine & Tool Co. v. War Contracts Price Adjustment BoardUnited States Tax Court · 1951
- Haas v. United StatesUnited States Tax Court · 1955
- Haas v. United StatesUnited States Tax Court · 1955
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