Michael Schiavone & Sons, Inc. v. Commissioner
United States Tax Court
Excess Profits Tax -- Sec. 722 Relief -- Commencement of Business During Base Period. -- The petitioner, a dealer in scrap metals commenced business with adequate management and capacity 1 1/2 years after the beginning of its base period. Its sales had a direct relationship to the market price for scrap and the evidence does not establish that had it commenced business 2 years before it did so it would have had a higher level of earnings at the end of its base period.
1Opinion of the Court
OPINION.
MuRDOck, Judge:
The Commissioner has disallowed the petitioner’s claims for excess profits tax relief under section 722 (b) (4) for each of the fiscal years ended February 28, 1941 through 1945. The evidence was heard by a commissioner of this Court and his proposed findings of fact have been served upon the parties. The petitioner did not file any proposed findings of fact as required by Rule 48 of the Rules of Practice of the Tax Court but has taken exception in its brief to some of the findings of fact proposed by the hearing commissioner and has asked for a, number of specific…
2Cited by4 opinions
- Green Lumber Co. v. CommissionerUnited States Tax Court · 1959
- Simplicity Mfg. Co. v. CommissionerUnited States Tax Court · 1960
- Green Lumber Co. v. CommissionerUnited States Tax Court · 1959
- Michael Schiavone & Sons, Inc. v. CommissionerUnited States Tax Court · 1956