Union Parts Mfg. Co. v. Commissioner
United States Tax Court
Petitioner, a screw machine parts manufacturer, experienced net operating losses for the fiscal period July 20, 1936, to June 30, 1937, and for the fiscal years ended June 30, 1938 and 1939. It showed a small profit for the fiscal year ended June 30, 1940. In 1939, it purchased machine tools capable of producing high precision parts.
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Petitioner, a screw machine parts manufacturer, experienced net operating losses for the fiscal period July 20, 1936, to June 30, 1937, and for the fiscal years ended June 30, 1938 and 1939. It showed a small profit for the fiscal year ended June 30, 1940. In 1939, it purchased machine tools capable of producing high precision parts. The increase in its sales during its last fiscal year, subsequent to the acquisition of the new machinery, was due to subcontracting work performed for aircraft companies. It claimed excess profits tax relief under section 722 (b) (4) for the fiscal years ended…
1Opinion of the Court
Union Parts Mfg. Co., Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Union Parts Mfg. Co. v. Commissioner
Docket No. 29242
United States Tax Court
24 T.C. 775; 1955 U.S. Tax Ct. LEXIS 127;
July 28, 1955, Filed
Decision will be entered for the respondent.
Petitioner, a screw machine parts manufacturer, experienced net operating losses for the fiscal period July 20, 1936, to June 30, 1937, and for the fiscal years ended June 30, 1938 and 1939. It showed a small profit for the fiscal year ended June 30, 1940. In 1939, it purchased machine tools capable of producing high precision…
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