North Carolina Lumber Co. v. Commissioner
United States Tax Court
1. Taxable Year -- Beginning of Year for Fiscal Year Taxpayer. -- A fiscal year beginning December 1, 1943, and ending November 30, 1944, held not a taxable year beginning after December 31, 1943, within meaning of section 510 of Revenue Act of 1943, which excluded capital gains from income for purposes of declared value excess-profits tax for taxable years beginning after December 31, 1943. 2. Declared Value Excess-Profits Tax -- Proration Formula for Fiscal Year Taxpayers…
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1. Taxable Year -- Beginning of Year for Fiscal Year Taxpayer. -- A fiscal year beginning December 1, 1943, and ending November 30, 1944, held not a taxable year beginning after December 31, 1943, within meaning of section 510 of Revenue Act of 1943, which excluded capital gains from income for purposes of declared value excess-profits tax for taxable years beginning after December 31, 1943. 2. Declared Value Excess-Profits Tax -- Proration Formula for Fiscal Year Taxpayers in Respect of Other Taxes. -- The formula contained in Code section 108(b) for proration of income and surtaxes in the…
1Opinion of the Court
OPINION.
Arundell, Judge:
Section 600 of the Internal Revenue Code, as it was in effect prior to repeal by the Revenue Act of 1945, provided that corporations that were subject to capital stock tax for any. year ending June 30 were also subject to a declared value excess-profits tax upon net income for the taxable year ending after June 30. The rate of tax was graduated and was imposed on the portion of net income that was in excess of specified percentages of the declared value of capital stock for the year ending the preceding June 30.2 Section 602 defined net income for the purpose of that…
2Cases cited10 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
- Lucas v. North Texas Lumber Co.Supreme Court of the United States · 1930
- Commissioner of Internal Revenue v. Union Pac. R. Co.Court of Appeals for the Second Circuit · 1936
5 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Merrill v. CommissionerUnited States Tax Court · 1963
- Pacific Coast Music Jobbers, Inc. v. CommissionerUnited States Tax Court · 1971
- Margaret v. Dettmers, Estate of Herrick L. Johnston, Deceased, and Margaret v. Dettmers, Individually v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1970
- Pacific Coast Music Jobbers, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1972
- 2 Lexington Ave. Corp. v. CommissionerUnited States Tax Court · 1956
11 more not listed; retrieve them via the Exa API.