Gifford-Hill & Co. v. Commissioner
United States Tax Court
1. Held, petitioner, on the accrual basis, in computing its excess profits credit under the invested capital method for the taxable year 1943, may include as a part of its accumulated earnings and profits the amount of its postwar credit to be refunded for the year 1942. Altschul's, Inc., 9 T. C. 697, followed. 2. Section 35.735-2 of Treasury Regulations 112, in so far as it provides that a separate mineral property exists with respect to each tract or parcel of land into…
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1. Held, petitioner, on the accrual basis, in computing its excess profits credit under the invested capital method for the taxable year 1943, may include as a part of its accumulated earnings and profits the amount of its postwar credit to be refunded for the year 1942. Altschul's, Inc., 9 T. C. 697, followed. 2. Section 35.735-2 of Treasury Regulations 112, in so far as it provides that a separate mineral property exists with respect to each tract or parcel of land into which a mineral deposit extends, held not to be a correct interpretation of the term "mineral property," which is defined…
1Opinion of the Court
HaRlan, Judge:
The respondent determined deficiencies in excess profits tax of petitioner for the calendar years 1942 and 1943 in the respective amounts of $342,538.06 and $18,568.14.
Under date of February 6, 1946, petitioner paid the collector of internal revenue the sum of $71,414.83 representing additional excess profits tax for the year 1942 in the amount of $118,738.52, less an overpayment of income tax resulting therefrom of $47,323.69. The amount of $71,414.83 has not been assessed and is carried in the suspense account of the collector.
The first question presented is whether the…
2Cases cited2 opinions
- Black Mountain Corp. v. CommissionerUnited States Tax Court · 1945
- Altschul's, Inc. v. CommissionerUnited States Tax Court · 1947
3Cited by10 opinions
- Morrisdale Coal Mining Co. v. CommissionerUnited States Tax Court · 1949
- Atlumor Mfg. Co. v. CommissionerUnited States Tax Court · 1949
- Blue Diamond Coal Co. v. CommissionerUnited States Tax Court · 1959
- Commissioner of Internal Revenue v. Gifford-Hill & Co., IncCourt of Appeals for the Fifth Circuit · 1950
- Estate of Bryan v. CommissionerCourt of Appeals for the Fourth Circuit · 1961
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