Yellow Cab Co. v. Commissioner
United States Tax Court
1. Held, that petitioner's business was not depressed during its base period due to temporary economic circumstances unusual in its case, within the meaning of section 722(b)(2) of the 1939 Code; and accordingly petitioner does not qualify for excess profits tax relief under said section. 2. Held, that petitioner changed the character of its business during its base period within the meaning of section 722(b)(4) by virtue of a change in its management, a change in its method…
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1. Held, that petitioner's business was not depressed during its base period due to temporary economic circumstances unusual in its case, within the meaning of section 722(b)(2) of the 1939 Code; and accordingly petitioner does not qualify for excess profits tax relief under said section. 2. Held, that petitioner changed the character of its business during its base period within the meaning of section 722(b)(4) by virtue of a change in its management, a change in its method of operation, and an increase in its capacity for operation. Held, further, that petitioner's average base period net…
1Opinion of the Court
PieRCe, Judge:
The respondent disallowed petitioner’s claims for relief under section 722, for each of its taxable fiscal years ended May 31, 1942, through 1946. Eespondent, in connection with his above-mentioned disallowances, also determined deficiencies in excess profits tax against petitioner, as follows:
Tear ended May Si— Deficiency
1943_ $19, 078. 89
1944_ 16, 002. 04
1945_ 5, 923. 69
The above deficiencies represent the excess profits tax, the payment of which has been deferred under the provisions of section 710(a) (5) of the 1939 Code.1
The issues presented for decision are:(1) Whether the…
2Cases cited5 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- Granite Constr. Co. v. CommissionerUnited States Tax Court · 1952
- West Flagler Amusement Co. v. CommissionerUnited States Tax Court · 1954
- Clermont Groves, Inc. v. CommissionerUnited States Tax Court · 1952
- Constitution Publishing Co. v. CommissionerUnited States Tax Court · 1954
3Cited by5 opinions
- Paula Constr. Co. v. CommissionerUnited States Tax Court · 1972
- Orangeburg Mfg. Co. v. CommissionerUnited States Tax Court · 1961
- Orangeburg Mfg. Co. v. CommissionerUnited States Tax Court · 1961
- Paula Constr. Co. v. CommissionerUnited States Tax Court · 1972
- Yellow Cab Co. v. CommissionerUnited States Tax Court · 1961