Overland Corp. v. Commissioner
United States Tax Court
1. Held, petitioner, a manufacturer of automobiles, did not realize net abnormal income within the meaning of section 721(a)(2)(C), I.R.C. 1939, during its fiscal years ended September 30, 1942 to 1945, inclusive, which is attributable to other years by reason of its engineering work performed in connection with the production of the 1/4-ton military vehicle known as the jeep. 2. Held, the transfer of the assets of Willys-Overland Co. to petitioner in 1936 pursuant to a…
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1. Held, petitioner, a manufacturer of automobiles, did not realize net abnormal income within the meaning of section 721(a)(2)(C), I.R.C. 1939, during its fiscal years ended September 30, 1942 to 1945, inclusive, which is attributable to other years by reason of its engineering work performed in connection with the production of the 1/4-ton military vehicle known as the jeep. 2. Held, the transfer of the assets of Willys-Overland Co. to petitioner in 1936 pursuant to a bankruptcy reorganization under section 77B of the Bankruptcy Act of 1926 did not qualify as a nontaxable exchange within…
1Opinion of the Court
Withey, Judge:
The respondent denied petitioner’s applications for relief and claims for refund of excess profits tax under section 722(b)(1), (b)(2), (b)(3), (b)(4), and (b)(5) of the Internal Revenue Code of 1939 for the fiscal years ended September 30,1942 to 1945, inclusive.
After trial on the issues raised by the pleadings filed herein, this Court on September 16, 1960, filed its Findings of Fact and Opinion with respect thereto and on April 10,1961, entered its decision. Over' land Corporation, 34 T.C. 1001.
Petitioner and respondent each filed a petition for review of the decision of this…
2Cases cited18 opinions
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Helvering v. Cement Investors, Inc.Supreme Court of the United States · 1942
- American Bantam Car Co. v. CommissionerUnited States Tax Court · 1948
- Hazeltine Corp. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1937
- W. B. Knight Machinery Co. v. CommissionerUnited States Tax Court · 1946
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3Cited by1 opinion
- Overland Corp. v. CommissionerUnited States Tax Court · 1964