Singer Bros., Inc. v. Commissioner
United States Tax Court
The petitioner, a corporation organized in May 1936 and engaged in the candy jobbing and merchandising business, seeks relief under section 722 (b) (4) and ( 5) of the Internal Revenue Code.
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The petitioner, a corporation organized in May 1936 and engaged in the candy jobbing and merchandising business, seeks relief under section 722 (b) (4) and ( 5) of the Internal Revenue Code. Held that the petitioner has failed to show what would be a fair and just amount representing normal earnings to be used as a constructive average base period net income for the purposes of an excess profits tax, and has not shown that the actual average base period net income does not reflect the normal operation for the entire base period of the business or is an inadequate standard of normal earnings…
1Opinion of the Court
OPINION.
Disney, Judge:
The petitioner seeks relief from excess profits taxes under section 722 of the Internal Revenue Code, primarily under subsection (b) (4). At the trial the issue was limited to that subsection and on brief only subsection (b) (4) is quoted as being involved. However, petitioner’s brief also states that since subsection (b) (5) is ■“a ‘catch-all’ provision which has not yet been fully defined by the Tax Court, the way is open in this case for the Court to grant relief under Section 722 (b) (5) if it finds the situation requires.” We set forth in the margin the pertinent…
2Cases cited1 opinion
- 7-Up Ft. Worth Co. v. CommissionerUnited States Tax Court · 1947
3Cited by11 opinions
- Jefferson Amusement Co. v. CommissionerUnited States Tax Court · 1952
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- Hemenway-Johnson Furniture Co. v. CommissionerUnited States Tax Court · 1953
- Industrial Supplies, Inc. v. CommissionerUnited States Tax Court · 1952
- Hemenway-Johnson Furniture Co. v. CommissionerUnited States Tax Court · 1953
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