Kurtzon v. Commissioner
United States Tax Court
1. A partnership had to refund excessive profits under the Renegotiation Law. Petitioner, a partner, included in his 1945 income a part of his share of these excessive profits. Held, petitioner is entitled to a tax credit under section 3806. 2. Because of a net operating loss deduction from a loss incurred in 1947, petitioner had received refunds of all 1945 income taxes before the renegotiation tax credits were applied.
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1. A partnership had to refund excessive profits under the Renegotiation Law. Petitioner, a partner, included in his 1945 income a part of his share of these excessive profits. Held, petitioner is entitled to a tax credit under section 3806. 2. Because of a net operating loss deduction from a loss incurred in 1947, petitioner had received refunds of all 1945 income taxes before the renegotiation tax credits were applied. The Commissioner has determined a deficiency which petitioner alleges is contrary to the definition of deficiency contained in section 271 of the Internal Revenue Code. Held,…
1Opinion of the Court
OPINION.
Black, Judge:
The issue in this proceeding is whether there is a deficiency in petitioner’s income tax for the year 1945, and, if so, how much. Our preliminary statement shows how the Commissioner determined the deficiency.
Petitioner contests the deficiency on the following grounds: (1) there is no deficiency as defined in section 271 of the Internal Revenue Code in petitioner’s income tax for the year 1945, and the excess of refunds by the Commissioner over taxes paid cannot be collected by the Commissioner through the deficiency process; and (2) petitioner is not properly chargeable…
2Cases cited3 opinions
- Stow Mfg. Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1951
- Baltimore Foundry & Machine Corp. v. CommissionerUnited States Tax Court · 1946
- United States v. SarkozyDistrict Court, E.D. Michigan · 1951
3Cited by30 opinions
- William Levinson and William Levinson, Assignee of F.M.P. Corporation, Formerly Known as Fairmount Motor Products Co., Inc. v. United StatesCourt of Appeals for the Third Circuit · 1974
- Midland Mortg. Co. v. CommissionerUnited States Tax Court · 1980
- Estate of Goodall v. CommissionerCourt of Appeals for the Eighth Circuit · 1968
- Wilkes-Barre Carriage Co. v. CommissionerUnited States Tax Court · 1963
- Joseph T. Miller and Crystal v. Miller v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1956
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