Tankport Terminals, Inc. v. Commissioner
United States Tax Court
Held, the petitioner has shown that Tankport commenced business during the base period within the meaning of section 722 (b) (4) and that its excess profits tax computed without the benefit of section 722 results in an excessive and discriminatory tax. Held, further, a constructive average base period net income determined.
1Opinion of the Court
Tankport Terminals, Inc., Successor in Interest to Former Tankport Terminals, Inc., Now Dissolved, Petitioner, v. Commissioner or Internal Revenue, Respondent
Tankport Terminals, Inc. v. Commissioner
Docket No. 34136
United States Tax Court
28 T.C. 736; 1957 U.S. Tax Ct. LEXIS 148;
June 27, 1957, Filed
Decision will be entered under Rule 50.
Held, the petitioner has shown that Tankport commenced business during the base period within the meaning of section 722 (b) (4) and that its excess profits tax computed without the benefit of section 722 results in an excessive and discriminatory tax. Held,…
2Cases cited3 opinions
- East Texas Motor Freight Lines v. CommissionerUnited States Tax Court · 1946
- Midvale Co. v. CommissionerUnited States Tax Court · 1953
- Tankport Terminals, Inc. v. CommissionerUnited States Tax Court · 1957