Crater Lake Machinery Co. v. Commissioner
United States Tax Court
Excess Profits Tax Credit Based on Income -- Korean War -- Purchase of Another Corporation -- Elimination of Duplication in Base Period Combined Earnings -- Sec. 474, I. R. C. 1939 -- Regs. 130, Sec. 40.474-4 (a) (1) and (a) (2) (ii). -- The fact that the petitioner in some base period years had a deficit in excess profits net income does not preclude the elimination of a duplication of earnings under section 474 and Regulations 130, sec. 40.474-4 (a) (1) and (a) (2) (ii),…
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Excess Profits Tax Credit Based on Income -- Korean War -- Purchase of Another Corporation -- Elimination of Duplication in Base Period Combined Earnings -- Sec. 474, I. R. C. 1939 -- Regs. 130, Sec. 40.474-4 (a) (1) and (a) (2) (ii). -- The fact that the petitioner in some base period years had a deficit in excess profits net income does not preclude the elimination of a duplication of earnings under section 474 and Regulations 130, sec. 40.474-4 (a) (1) and (a) (2) (ii), in combining the base period excess profits net income of the petitioner and that of the "selling" corporation for the…
1Opinion of the Court
Crater Lake Machinery Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Crater Lake Machinery Co. v. Commissioner
Docket No. 60386
United States Tax Court
29 T.C. 620; 1957 U.S. Tax Ct. LEXIS 1;
December 31, 1957, Filed
Decision will be entered for the respondent.
Excess Profits Tax Credit Based on Income -- Korean War -- Purchase of Another Corporation -- Elimination of Duplication in Base Period Combined Earnings -- Sec. 474, I. R. C. 1939 -- Regs. 130, Sec. 40.474-4 (a) (1) and (a) (2) (ii). -- The fact that the petitioner in some base period years had a deficit in excess profits…
2Cases cited2 opinions
- Crater Lake Machinery Co. v. CommissionerUnited States Tax Court · 1957
- National Bank of Commerce v. CommissionerUnited States Tax Court · 1957