Industrial Loan Soc. v. Commissioner
United States Tax Court
Net earnings of a business conducted during part of base period prior to petitioner's existence by a wholly owned affiliate, and of which the affiliate has obtained the benefit in computing its own credit for base period income, held insufficient by itself to demonstrate petitioner's right to relief from excess profits tax under section 722 (b) (4).
1Opinion of the Court
Industrial Loan Society, Inc., (Md.), Petitioner, v. Commissioner of Internal Revenue, Respondent
Industrial Loan Soc. v. Commissioner
Docket Nos. 9247, 16534
United States Tax Court
14 T.C. 487; 1950 U.S. Tax Ct. LEXIS 245;
March 27, 1950, Promulgated
Decision will be entered for the respondent.
Net earnings of a business conducted during part of base period prior to petitioner's existence by a wholly owned affiliate, and of which the affiliate has obtained the benefit in computing its own credit for base period income, held insufficient by itself to demonstrate petitioner's right to relief from…
Also in this document: Dissent.
2Cases cited6 opinions
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
- Stone v. WhiteSupreme Court of the United States · 1937
- Crocker v. MalleySupreme Court of the United States · 1919
- A. C. Burton & Co. v. CommissionerUnited States Tax Court · 1950
- George J. Meyer Malt & Grain Corp. v. CommissionerUnited States Tax Court · 1948
1 more not listed; retrieve them via the Exa API.