Dr. P. Phillips & Son, Inc. v. Commissioner
United States Tax Court
Petitioner, a Florida, citrus fruit producer, realized income, abnormal in amount, in the taxable year from the sale of its citrus crop.
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Petitioner, a Florida, citrus fruit producer, realized income, abnormal in amount, in the taxable year from the sale of its citrus crop. It claimed relief from excess profits tax under section 721 (a) (2) (C) of the Internal Revenue Code upon the ground that it had a separate class of income which resulted from the development of tangible property, or, that the income from its citrus operations constituted a class of income under the general provisions of section 721 (a) (2). Respondent denied petitioner relief under section 721. Held, assuming that petitioner had a class of income, which was…
1Opinion of the Court
OPINION.
Rice, Judge:
Petitioner contends that it qualifiies for relief from excess profits tax for the taxable year 1943 under the provisions of section 721 of the Internal Revenue Code. That section deals with abnormalities in income in an excess profits tax period. It defines the terms used, the separate classes of income, and provides for computing “the amount of net abnormal income” that shall be attributed to other years, thereby reducing the excess profits tax for the taxable year. We have held that it was enacted by Congress to prevent the unfair application of the excess profits tax in…
2Cases cited5 opinions
- W. B. Davis & Son, Inc. v. CommissionerUnited States Tax Court · 1945
- Morrisdale Coal Mining Co. v. CommissionerUnited States Tax Court · 1949
- Primas Groves, Inc. v. CommissionerUnited States Tax Court · 1950
- Graves Bros. Co. v. CommissionerUnited States Tax Court · 1952
- Southwestern Oil & Gas Co. v. CommissionerUnited States Tax Court · 1946
3Cited by4 opinions
- E. W. Williams Publications, Inc. v. CommissionerUnited States Tax Court · 1955
- Dr. P. Phillips & Son, Inc. v. CommissionerUnited States Tax Court · 1953
- E. W. Williams Publications, Inc. v. CommissionerUnited States Tax Court · 1955
- E. W. Williams Publications, Inc. v. CommissionerUnited States Tax Court · 1955