Hearn Dep't Stores, Inc. v. Commissioner
United States Tax Court
On the record it is held that petitioner has failed to establish that it is entitled to constructive average base period net income which is large enough to produce a credit greater than any of the invested capital credits used by the petitioner for the taxable years herein, or that the excess profits taxes paid by it for the years in issue are excessive and discriminatory.
1Opinion of the Court
OPINION.
Bruce, Judge:
At the hearing the petitioner asserted a claim for relief under section 722 (b) (2), (b) (4), and (b) (5).1 The record contains no facts indicating that petitioner is entitled to relief under section 722 (b) (5) and such section is not mentioned in brief filed by petitioner, and it is assumed that this contention is abandoned.
It is petitioner’s contention under section 722 (b) (2) that its business was depressed during the base period by its failure to obtain certain refinancing which it had contemplated, this failure having resulted in its being without adequate working…
2Cases cited5 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- Granite Constr. Co. v. CommissionerUnited States Tax Court · 1952
- National Grinding Wheel Co. v. CommissionerUnited States Tax Court · 1947
- Wadley Co. v. CommissionerUnited States Tax Court · 1951
- First Nat'l Bank v. CommissionerUnited States Tax Court · 1951
3Cited by1 opinion
- Hearn Dep't Stores, Inc. v. CommissionerUnited States Tax Court · 1954