H. J. Heinz Co. v. Commissioner
United States Tax Court
An unused excess profits credit arising in 1941 under section 713 of the Internal Revenue Code of 1939 was not specifically claimed as a carryover to 1943 on a timely section 722 claim filed for that year but was asserted on an amended claim filed after the statutory period but before final determination of the timely claim.
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An unused excess profits credit arising in 1941 under section 713 of the Internal Revenue Code of 1939 was not specifically claimed as a carryover to 1943 on a timely section 722 claim filed for that year but was asserted on an amended claim filed after the statutory period but before final determination of the timely claim. Held, the carryover did not arise from a credit based upon a CABPNI and need not be claimed pursuant to the regulations issued under section 722; held, further, on the facts, the amended claim was based on grounds of which respondent had continuing notice and which were…
1Opinion of the Court
OPINION.
Teain, Judge:
The Commissioner disallowed in part the petitioner’s applications for relief under section 7221 for a number of its fiscal years including that ended April 30,1943. In making his determination with respect to 1943, the Commissioner refused to allow an unused excess profits carryover from 1941 to 1943 in the amount of $42,881.72. The sole issue for our decision is whether petitioner is entitled to the carryover in question.
All of the facts are stipulated and are hereby found as stipulated.
Petitioner, a Pennsylvania corporation, filed its income and excess profits tax…
2Cases cited10 opinions
- United States v. Memphis Cotton Oil Co.Supreme Court of the United States · 1933
- Barry-Wehmiller Machinery Co. v. CommissionerUnited States Tax Court · 1953
- May Seed and Nursery Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1957
- St. Louis Amusement Co. v. CommissionerUnited States Tax Court · 1954
- Wilmington Gasoline Corp. v. CommissionerUnited States Tax Court · 1956
5 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Gillette Co. v. CommissionerUnited States Tax Court · 1961
- Gillette Co. v. CommissionerUnited States Tax Court · 1961
- H. J. Heinz Co. v. CommissionerUnited States Tax Court · 1959