Crucible Steel Casting Co. v. Secretary of Navy
United States Tax Court
The amount of excessive profits of petitioner, a manufacturer of steel castings, derived from contracts subject to the Renegotiation Act, held, on record, to be $ 97,500.
1Opinion of the Court
OPINION.
HaRLAn, Judge:
Petitioner contends that it received no “excessive profits” in 1942 as those profits are defined by section 403 (a) (4) (A) of the Renegotiation Act. This section requires that certain factors in the taxpayer’s conduct of his business shall be taken into consideration in the determination of the question of the reasonable or excessive nature of the profits involved.
The first factor is a consideration of efficiency in production. In order to establish its efficiency, petitioner referred to the long hours and heavy responsibilities of its officers. The added responsibility…
2Cases cited1 opinion
- Aircraft Screw Products Co. v. War Contracts Price Adjustment BoardUnited States Tax Court · 1947
3Cited by3 opinions
- Thurston Mfg. Co. v. Secretary of WarUnited States Tax Court · 1948
- Crucible Steel Casting Co. v. Secretary of NavyUnited States Tax Court · 1947
- Thurston Manufacturing Co. v. Secretary of WarUnited States Tax Court · 1948