Havens Structural Steel Co. v. Commissioner
United States Tax Court
Held, that assuming (but not deciding) that petitioner has established a qualifying factor under section 722 (b) (1) or 722 (b) (2) of the Code of 1939 because of a drought and insect infestation, or under section 722 (b) (3) (A) because of a profits cycle differing materially in length and amplitude from the general business cycle, nevertheless, in view of the invested capital credit allowed to petitioner, petitioner has not established a constructive average base period…
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Held, that assuming (but not deciding) that petitioner has established a qualifying factor under section 722 (b) (1) or 722 (b) (2) of the Code of 1939 because of a drought and insect infestation, or under section 722 (b) (3) (A) because of a profits cycle differing materially in length and amplitude from the general business cycle, nevertheless, in view of the invested capital credit allowed to petitioner, petitioner has not established a constructive average base period net income in an amount which would entitle it to relief under section 722.
1Opinion of the Court
FisheR, Judge:
This proceeding involves respondent’s disallowance of petitioner’s applications for relief under section 722 of the Code of 1939 and claims for refund applicable thereto for the taxable years as follows:
Years . Deficiencies Overpayments claimed
December 31, 1941_ _ $7, 863. 83
December 31, 1942_ $17, 666. 53 41, 452. 98
December 31, 1944_ _ 6, 768. 65
December 31, 1945_ _ 1, 357. 07
In its applications for relief under section 722, petitioner claimed a credit based on a constructive average base period net income of $41,013.64 for the year 1941 and $41,013.86 for each of the years…
2Cases cited2 opinions
- Farmers Creamery Co. v. CommissionerUnited States Tax Court · 1952
- Godfrey Food Co. v. CommissionerUnited States Tax Court · 1952
3Cited by2 opinions
- United States v. Northern RailroadCourt of Appeals for the First Circuit · 1964
- Havens Structural Steel Co. v. CommissionerUnited States Tax Court · 1958