Mitchell & Co. v. Commissioner
United States Tax Court
1. Petitioner, which operates a department store, had abnormally low net income during the base period and seeks relief from excess profits tax under section 722 (b) (2) of the Internal Revenue Code, or in the alternative, under section 722 (b) (5). The principal cause of its low base period earnings was steady, permanent decline of a local industry, the employees of which constituted petitioner's largest group of customers. 2. Petitioner is not entitled to relief under…
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1. Petitioner, which operates a department store, had abnormally low net income during the base period and seeks relief from excess profits tax under section 722 (b) (2) of the Internal Revenue Code, or in the alternative, under section 722 (b) (5). The principal cause of its low base period earnings was steady, permanent decline of a local industry, the employees of which constituted petitioner's largest group of customers. 2. Petitioner is not entitled to relief under Internal Revenue Code section 722 (b) (2) since the facts fail to establish that petitioner's low base period net income was…
1Opinion of the Court
OPINION.
Harron, Judge:
The question is whether petitioner is entitled to any relief under sections 722 (b) (2), or 722 (b) (5), Internal Revenue Code. The pertinent provisions of section 722 are set forth below.2
The petitioner bases its claim for relief upon a theory .which consists of several contentions which, summarized, are as follows: (a) petitioner contends that its potential customers are limited principally to the inhabitants of Haverhill; (b) that the inhabitants of Haverhill are, for the most part, dependent for theú purchasing power upon the wages paid to them by the women’s…
2Cases cited8 opinions
- Monarch Cap Screw & Mfg. Co. v. CommissionerUnited States Tax Court · 1945
- Granite Constr. Co. v. CommissionerUnited States Tax Court · 1952
- Trunz, Inc. v. CommissionerUnited States Tax Court · 1950
- Foskett & Bishop Co. v. CommissionerUnited States Tax Court · 1951
- Wadley Co. v. CommissionerUnited States Tax Court · 1951
3 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Pittsburgh & Weirton Bus Co. v. CommissionerUnited States Tax Court · 1954
- Dow Jones & Co. v. CommissionerUnited States Tax Court · 1963
- Emporium World Millinery Co. v. CommissionerUnited States Tax Court · 1959
- Midwest Liquor Dealers, Inc. v. CommissionerUnited States Tax Court · 1953
- Pied Piper Shoe Co. v. CommissionerUnited States Tax Court · 1957
12 more not listed; retrieve them via the Exa API.