Dixie Portland Flour Co. v. Commissioner
United States Tax Court
Held: 1. Petitioner failed to acquire "substantially all" the properties of a partnership and therefore did not constitute an "acquiring corporation" within the meaning of section 740 (a) (1) (D) entitled to utilize that business's base period income experience in computing its own excess profits credit based on income. 2. Where petitioner did not qualify as an "acquiring corporation" under the provisions of Supplement A, it may not, in computing a fair and just amount…
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Held: 1. Petitioner failed to acquire "substantially all" the properties of a partnership and therefore did not constitute an "acquiring corporation" within the meaning of section 740 (a) (1) (D) entitled to utilize that business's base period income experience in computing its own excess profits credit based on income. 2. Where petitioner did not qualify as an "acquiring corporation" under the provisions of Supplement A, it may not, in computing a fair and just amount representing normal earnings to be used as a constructive average base period net income under the provisions of section 722,…
1Opinion of the Court
Dixie Portland Flour Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Dixie Portland Flour Co. v. Commissioner
Docket Nos. 26148, 31343
United States Tax Court
31 T.C. 641; 1958 U.S. Tax Ct. LEXIS 4;
December 31, 1958, Filed
Decision will be entered for the respondent.
Held: 1. Petitioner failed to acquire "substantially all" the properties of a partnership and therefore did not constitute an "acquiring corporation" within the meaning of section 740 (a) (1) (D) entitled to utilize that business's base period income experience in computing its own excess profits credit based on…
2Cases cited25 opinions
- LeTulle v. ScofieldSupreme Court of the United States · 1940
- American Bantam Car Co. v. CommissionerUnited States Tax Court · 1948
- Mutual Lumber Co. v. CommissionerUnited States Tax Court · 1951
- H. Fendrich, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1951
- Packer Pub. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1954
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