Havens Structural Steel Co. v. Commissioner
United States Tax Court
Held, that assuming (but not deciding) that petitioner has established a qualifying factor under section 722 (b) (1) or 722 (b) (2) of the Code of 1939 because of a drought and insect infestation, or under section 722 (b) (3) (A) because of a profits cycle differing materially in length and amplitude from the general business cycle, nevertheless, in view of the invested capital credit allowed to petitioner, petitioner has not established a constructive average base period…
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Held, that assuming (but not deciding) that petitioner has established a qualifying factor under section 722 (b) (1) or 722 (b) (2) of the Code of 1939 because of a drought and insect infestation, or under section 722 (b) (3) (A) because of a profits cycle differing materially in length and amplitude from the general business cycle, nevertheless, in view of the invested capital credit allowed to petitioner, petitioner has not established a constructive average base period net income in an amount which would entitle it to relief under section 722.
1Opinion of the Court
Havens Structural Steel Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Havens Structural Steel Co. v. Commissioner
Docket No. 28634
United States Tax Court
30 T.C. 1121; 1958 U.S. Tax Ct. LEXIS 97;
August 21, 1958, Filed
Decision will be entered under Rule 50.
Held, that assuming (but not deciding) that petitioner has established a qualifying factor under section 722 (b) (1) or 722 (b) (2) of the Code of 1939 because of a drought and insect infestation, or under section 722 (b) (3) (A) because of a profits cycle differing materially in length and amplitude from the general business…
2Cases cited3 opinions
- Farmers Creamery Co. v. CommissionerUnited States Tax Court · 1952
- Godfrey Food Co. v. CommissionerUnited States Tax Court · 1952
- Havens Structural Steel Co. v. CommissionerUnited States Tax Court · 1958