Southern Acid & Sulphur Co. v. Commissioner
United States Tax Court
Held, the petitioner failed to qualify for relief under section 722 (b) (2) or 722 (b) (4), I. R. C. 1939. The petitioner's industry was not temporarily depressed during the base period years. Petitioner failed to establish facts which would support a constructive average base period net income yielding an excess profits credit greater than that available without the application of section 722.
1Opinion of the Court
Petitioner filed applications for relief from excess profits taxes pursuant to section 722 of the Internal Revenue Code of 1939 as follows:
Fiscal year ending March SI Amount
1942 -$147,838.08
1943 - 463,401.81
1944 - 243, 676. 58
1945 - 245,070.45
1946 - 73,051.23
Upon disallowance of these applications petitioner filed a petition with this Court. The applications and the petition sought relief under the provisions of section 722 (b) (2), (3), and (4) of the Code.1 At the hearing petitioner waived its claim under section 722 (b) (3).
The issue is whether respondent correctly denied petitioner’s…
2Cases cited7 opinions
- Wisconsin Farmer Co. v. CommissionerUnited States Tax Court · 1950
- Wadley Co. v. CommissionerUnited States Tax Court · 1951
- Pabst Air Conditioning Corp. v. CommissionerUnited States Tax Court · 1950
- Constitution Publishing Co. v. CommissionerUnited States Tax Court · 1954
- Miami Valley Coated Paper Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1954
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Southern Acid & Sulphur Co. v. CommissionerUnited States Tax Court · 1958