Harlan Bourbon & Wine Co. v. Commissioner
United States Tax Court
Petitioner, a wholesale liquor dealer in Kentucky, seeks relief under section 722 (b) (2) of the code from excess profits taxes for 1941, 1942, and 1943, on the ground that its base period earnings were depressed because of a price war.
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Petitioner, a wholesale liquor dealer in Kentucky, seeks relief under section 722 (b) (2) of the code from excess profits taxes for 1941, 1942, and 1943, on the ground that its base period earnings were depressed because of a price war. Held, petitioner is not entitled to relief, as it has not established that its average base period net income is an inadequate standard of normal earnings or that its business or the industry of which it is a member was depressed on account of a temporary economic event unusual in the case of such industry.
1Opinion of the Court
OPINION.
Abnold, Judge:
Petitioner seeks relief under section 722 (b) (2) of the Code1 as to excess profits taxes for 1941, 1942, and 1943, alleging that its excess profits tax liability for those years is excessive and discriminatory and its average base period net income originally returned for the base period years is an inadequate standard of normal earnings because the business of petitioner was depressed in the base period on account of a depression in the industry of which petitioner is a member resulting from a temporary economic event unusual in the case of that industry, namely, a…
2Cases cited3 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- Monarch Cap Screw & Mfg. Co. v. CommissionerUnited States Tax Court · 1945
- Reeves v. SimonsCourt of Appeals of Kentucky (pre-1976) · 1942
3Cited by51 opinions
- Wadley Co. v. CommissionerUnited States Tax Court · 1951
- Toledo Stove & Range Co. v. CommissionerUnited States Tax Court · 1951
- Brown Paper Mill Co. v. CommissionerUnited States Tax Court · 1954
- Blaisdell Pencil Co. v. CommissionerUnited States Tax Court · 1951
- D. L. Auld Co. v. CommissionerUnited States Tax Court · 1952
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