Coats & Clark, Inc. v. Commissioner
United States Tax Court
Held: Petitioner's claim for excess profits tax relief under section 722(b)(4), I.R.C. 1939, is denied. Although there was a change in the character of its business within the meaning of section 722(b)(4), I.R.C. 1939, the petitioner failed to establish a fair and just amount representing normal base period earnings for the changed business.
1Opinion of the Court
MulRONey, Judge:
Respondent disallowed the petitioner’s applications for excess profits tax relief under section 722 of the Internal Revenue Code of 1939 1 for the years 1941 through 1945. Petitioner originally based its claims for relief on section 722(b) (1),' (4), and (5), but section 722(b)(1) and (5) was waived at the trial. The questions presented are:(1) Whether the petitioner’s business, because of purported qualifying changes in the character of its business within the meaning of section 722(b) (4), did not reach, by the end of the base period, the earnings level it would have reached…
2Cases cited3 opinions
- National Grinding Wheel Co. v. CommissionerUnited States Tax Court · 1947
- Suburban Transp. System v. CommissionerUnited States Tax Court · 1950
- Midvale Co. v. CommissionerUnited States Tax Court · 1953
3Cited by6 opinions
- Weller v. CommissionerUnited States Tax Court · 1962
- Morgan v. CommissionerUnited States Tax Court · 1964
- Drybrough v. CommissionerUnited States Tax Court · 1964
- A. Finkl & Sons Co. v. CommissionerUnited States Tax Court · 1962
- A. Finkl & Sons Co. v. CommissionerUnited States Tax Court · 1962
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