Pacific Affiliate, Inc. v. Commissioner
United States Tax Court
Held: The correct income and excess profits tax liability of petitioner for 1943 shall be taken into account as accrued liability as of December 31, 1943, and the correct post-war refund of excess profits taxes for 1943 shall be taken into account as an accrued receivable as of December 31, 1943. Stern Brothers & Co., 16 T.C. 295, followed.
1Opinion of the Court
SUPPLEMENTAL OPINION.
Van Fossan, Judge:
By motion filed October 17, 1952, petitioner moved for reconsideration of our decision in the above entitled proceeding promulgated September 30, 1952, to provide, inter alia, a definitive ruling with respect to a question arising therein, i. e., whether the respondent erred in reducing invested capital, as of the beginning of the year 1944, by the amount of income and excess profits tax deficiencies determined therein for the year 1943.
The parties stipulated that in computing petitioner’s invested capital for 1944 the correct income and excess profits…
2Cases cited1 opinion
- Stern Bros. & Co. v. CommissionerUnited States Tax Court · 1951
3Cited by12 opinions
- Stein v. CommissionerUnited States Tax Court · 1956
- Russell Manufacturing Company v. United StatesUnited States Court of Claims · 1959
- Luckman v. CommissionerUnited States Tax Court · 1971
- Kimble Glass Co. v. CommissionerUnited States Tax Court · 1961
- Brizard Co. v. CommissionerUnited States Tax Court · 1957
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