Mullaly v. Commissioner
United States Tax Court
Petitioner computed its excess profits credit for the fiscal year ended August 31, 1941, under section 713 of the Internal Revenue Code. Respondent revised petitioner's excess profits tax net income for two base period years by disallowing a portion of certain advertising and publicity expenses for those years as abnormal deductions under section 711 (b) (1) (J) of the code.
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Petitioner computed its excess profits credit for the fiscal year ended August 31, 1941, under section 713 of the Internal Revenue Code. Respondent revised petitioner's excess profits tax net income for two base period years by disallowing a portion of certain advertising and publicity expenses for those years as abnormal deductions under section 711 (b) (1) (J) of the code. Petitioner did not elect to charge to capital account any part of its expenditures for advertising and promotion of good will in those years and has not sought to revise its excess profits net income for the base period…
1Opinion of the Court
Carter Mullaly, George A. Hales and James R. McBrayer, as Trustees of Hales-Mullaly, Inc., a Dissolved Corporation, Petitioners, v. Commissioner of Internal Revenue, Respondent
Mullaly v. Commissioner
Docket No. 5948
United States Tax Court
5 T.C. 1376; 1945 U.S. Tax Ct. LEXIS 6;
December 29, 1945, Promulgated
Decision will be entered under Rule 50.
Petitioner computed its excess profits credit for the fiscal year ended August 31, 1941, under section 713 of the Internal Revenue Code. Respondent revised petitioner's excess profits tax net income for two base period years by disallowing a portion of…
2Cases cited2 opinions
- Colson Corp. v. CommissionerUnited States Tax Court · 1945
- Mullaly v. CommissionerUnited States Tax Court · 1945