Industrial Supplies, Inc. v. Commissioner
United States Tax Court
Held, from the evidence, that petitioner, which commenced business during the base period, failed to establish assumed earnings under the push-back rule of an amount sufficient, under reconstruction, to result in an excess profits credit in excess of the amount allowed by the invested capital method without relief under section 722 of the Internal Revenue Code.
1Opinion of the Court
Industrial Supplies, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Industrial Supplies, Inc. v. Commissioner
Docket No. 19834
United States Tax Court
18 T.C. 1067; 1952 U.S. Tax Ct. LEXIS 95;
September 24, 1952, Promulgated
Decision will be entered for the respondent.
Held, from the evidence, that petitioner, which commenced business during the base period, failed to establish assumed earnings under the push-back rule of an amount sufficient, under reconstruction, to result in an excess profits credit in excess of the amount allowed by the invested capital method without relief…
2Cases cited12 opinions
- Avey Drilling Machine Co. v. CommissionerUnited States Tax Court · 1951
- 7-Up Ft. Worth Co. v. CommissionerUnited States Tax Court · 1947
- Farmers Creamery Co. v. CommissionerUnited States Tax Court · 1952
- Pabst Air Conditioning Corp. v. CommissionerUnited States Tax Court · 1950
- Clinton Carpet Co. v. CommissionerUnited States Tax Court · 1950
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