American Enka Corp. v. Commissioner
United States Tax Court
1. Accrual basis taxpayer may include section 722 refunds in determining its equity capital, within the meaning of section 437, I. R. C. 1939, when CABPNI'S are approved by the Executive Committee of the Excess Profits Tax Council, taxpayer having theretofore agreed to such CABPNI'S on Treasury Department Form EPC-1. 2. For income tax inclusion purposes, interest on above overassessments is not accruable until scheduled by Commissioner. 3. Provisions of Regulations 130,…
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1. Accrual basis taxpayer may include section 722 refunds in determining its equity capital, within the meaning of section 437, I. R. C. 1939, when CABPNI'S are approved by the Executive Committee of the Excess Profits Tax Council, taxpayer having theretofore agreed to such CABPNI'S on Treasury Department Form EPC-1. 2. For income tax inclusion purposes, interest on above overassessments is not accruable until scheduled by Commissioner. 3. Provisions of Regulations 130, section 40.437-5 (c) (2), requiring an accrual basis taxpayer to retroactively adjust earnings and profits -- upheld. 4.…
1Opinion of the Court
American Enka Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
American Enka Corp. v. Commissioner
Docket No. 60686
United States Tax Court
30 T.C. 684; 1958 U.S. Tax Ct. LEXIS 154;
June 24, 1958, Filed
Decision will be entered under Rule 50.
1. Accrual basis taxpayer may include section 722 refunds in determining its equity capital, within the meaning of section 437, I. R. C. 1939, when CABPNI'S are approved by the Executive Committee of the Excess Profits Tax Council, taxpayer having theretofore agreed to such CABPNI'S on Treasury Department Form EPC-1.
2. For income tax…
2Cases cited18 opinions
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- Fawcus MacHine Co. v. United StatesSupreme Court of the United States · 1931
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