Brizard Co. v. Commissioner
United States Tax Court
Held, amounts received by petitioner as a result of the assignment to the Bank of America of promissory notes and conditional sales contracts do not qualify as borrowed capital within the meaning of section 439, I. R. C. 1939.
1Opinion of the Court
OPINION.
Withey, Judge:
Pursuant to the Excess Profits Tax Act of 1950, indebtedness qualifying as borrowed capital within the meaning of section 439 (b) (1) of the 1939 Code1 is a factor to be utilized in the computation of the excess profits credit under both the income credit method and the invested capital method. With respect to the income credit method, borrowed capital to the extent of 75 per cent is taken into account in the computation of capital additions in the base period and in the computation of the adjustment for capital additions and deductions during an excess profits tax year.
I…
2Cases cited8 opinions
- East Coast Equipment Company v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1955
- Brewster Shirt Corp. v. CommissionerCourt of Appeals for the Second Circuit · 1947
- Elmer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1933
- Commissioner of Internal Revenue v. Pacific Affiliate, Inc., a Corporation, Pacific Affiliate, Inc., a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- Pacific Affiliate, Inc. v. CommissionerUnited States Tax Court · 1952
3 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Jackson Finance & Thrift Co. v. CommissionerUnited States Tax Court · 1957
- Brizard Co. v. CommissionerUnited States Tax Court · 1957
- Jackson Finance & Thrift Co. v. CommissionerUnited States Tax Court · 1957