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
OPINION.
Murdock, Judge:
The parties filed computations under Rule 50 at this docket number pursuant to the Findings of Fact and Opinion at 23 T. C. 372. They are in accord as to the years 1942, 1943, and 1944 but they disagree as to 1941. The Commissioner in his computation computed the excess profits credit for 1940 on the basis of actual average base period net income and carried over to 1941 the unused portion thereof. The petitioner takes the position that the same constructive average base period net income which the Court held applicable to the taxable years must also be applied to the…
2Cases cited5 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
3Cited by3 opinions
- H. J. Heinz Co. v. CommissionerUnited States Tax Court · 1959
- Ainsworth Mfg. Corp. v. CommissionerUnited States Tax Court · 1955
- H. J. Heinz Co. v. CommissionerUnited States Tax Court · 1959