Eveready Loan Co. v. Commissioner
United States Tax Court
Petitioner's certificate of incorporation was filed in the office of the Secretary of State of New Jersey on December 19, 1939, but business was not commenced until January 2, 1940. Held, petitioner was in existence prior to January 1, 1940, within the meaning of section 712 (a) of the Internal Revenue Code as amended and is entitled to have its excess profits credit for 1940 computed under section 713 or 714 of the Internal Revenue Code, as amended, whichever method results…
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Petitioner's certificate of incorporation was filed in the office of the Secretary of State of New Jersey on December 19, 1939, but business was not commenced until January 2, 1940. Held, petitioner was in existence prior to January 1, 1940, within the meaning of section 712 (a) of the Internal Revenue Code as amended and is entitled to have its excess profits credit for 1940 computed under section 713 or 714 of the Internal Revenue Code, as amended, whichever method results in the lesser tax.
1Opinion of the Court
OPINION.
Hill, Judge:
The single question presented is whether petitioner, under the facts above stated, was in existence before Januar'y 1, 1940, within the meaning of section 712 (a) of the Internal Revenue Code as amended by section 13 of the Excess Profits Tax Amendments of 1941. This section is as follows:
SEO. 712. EXCESS PROFITS CREDIT-ALLOWANCE.(a) Domestic Corporations. — In the case of a domestic corporation which was in existance before January 1,1940, the excess profits credit for any taxable year shall be an amount computed under section 713 or section 714, whichever amount results…
2Cases cited5 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- United States v. MerriamSupreme Court of the United States · 1923
- Helvering v. HammelSupreme Court of the United States · 1941
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