Pittsburgh & Weirton Bus Co. v. Commissioner
United States Tax Court
Petitioner seeks relief under section 722 of the Code based on section 722 (b) (4) and (b) (5). Held, petitioner is not entitled to relief under section 722 (b) (4) or (b) (5) since it has failed to establish that a fair and just amount representing normal earnings to be used as a constructive base period net income would exceed its average base period income as determined under the growth formula.
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Petitioner seeks relief under section 722 of the Code based on section 722 (b) (4) and (b) (5). Held, petitioner is not entitled to relief under section 722 (b) (4) or (b) (5) since it has failed to establish that a fair and just amount representing normal earnings to be used as a constructive base period net income would exceed its average base period income as determined under the growth formula. Held, further, this Court has no jurisdiction to determine the "standard issue" raised by the amended answer. Mutual Lumber Co., 16 T. C. 370, followed.
1Opinion of the Court
OPINION.
LeMiRE, Judge:
Petitioner seeks relief from excess profits taxes for the years 1940 to 1945, inclusive, under section 722 (b) (4) and (5).
Since its organization in 1931, the petitioner has been engaged in operating buses for transporting passengers over routes between Weir-ton, West Virginia, and Steubenville, Ohio, and between Pittsburgh, Pennsylvania, and Steubenville, Ohiq, by way of Weirton and other adjacent points in the general vicinity of Weirton, West Virginia.
Petitioner is entitled to compute its excess profits credit for the years in question based on its base period net…
2Cases cited7 opinions
- Mutual Lumber Co. v. CommissionerUnited States Tax Court · 1951
- California Vegetable Concentrates, Inc. v. CommissionerUnited States Tax Court · 1948
- Martin Weiner Corp. v. CommissionerUnited States Tax Court · 1954
- General Metalware Co. v. CommissionerUnited States Tax Court · 1951
- West Flagler Amusement Co. v. CommissionerUnited States Tax Court · 1954
2 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Commissioner of Internal Revenue v. Pittsburgh & Weirton Bus CompanyCourt of Appeals for the Fourth Circuit · 1955
- Martin Weiner Corporation (Formerly Wohl Fabrics Co.) v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1955
- Dixie Portland Flour Co. v. CommissionerUnited States Tax Court · 1958
- Central Bag Co. v. CommissionerUnited States Tax Court · 1956
- Connecticut Light & Power Co. v. CommissionerUnited States Tax Court · 1963
11 more not listed; retrieve them via the Exa API.