May Seed & Nursery Co. v. Commissioner
United States Tax Court
In 1943 petitioner filed an application for relief under section 722 of the Internal Revenue Code of 1939 in respect of its fiscal year 1942, in which it did not claim a carry-over of an unused excess profits credit from its fiscal year 1941 based on a constructive average base period net income. Held, petitioner's right to the carry-over is conditioned upon the making of such claim. Lockhart Creamery, 17 T. C. 1123, followed.
1Opinion of the Court
OPINION.
Raum, Judge:
Petitioner seeks the benefit of an unused excess profits credit carry-over based on a constructive average base period net income from its fiscal year 1941 to its fiscal year 1942, notwithstanding that it made no claim for such carry-over in its application for relief which it filed with respect to 1942. This issue is foreclosed by the decision of this Court in Lockhart Creamery, 17 T. C. 1123, 1140-1143. Cf. St. Louis Amusement Co., 22 T. C. 522; Barry-Wehmiller Machinery Co., 20 T. C. 705.
Reviewed by the Special Division.
Decision will he entered for the respondent.
2Cases cited2 opinions
- Barry-Wehmiller Machinery Co. v. CommissionerUnited States Tax Court · 1953
- St. Louis Amusement Co. v. CommissionerUnited States Tax Court · 1954
3Cited by9 opinions
- Utility Appliance Corp. v. CommissionerUnited States Tax Court · 1956
- Headline Publications, Inc. v. CommissionerUnited States Tax Court · 1957
- Feature Publications, Inc. v. CommissionerUnited States Tax Court · 1957
- H. J. Heinz Co. v. CommissionerUnited States Tax Court · 1959
- Feature Publications, Inc. v. CommissionerUnited States Tax Court · 1957
4 more not listed; retrieve them via the Exa API.