F. L. Jacobs Co. v. Commissioner
United States Tax Court
Held, in carrying back a 1946 net operating loss to the year 1945 the computation required by section 122 (b) (1) involves the use of the 1944 net income figure after renegotiation and accelerated amortization adjustments and the excess profits tax figure for 1944 before such adjustments.
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Held, in carrying back a 1946 net operating loss to the year 1945 the computation required by section 122 (b) (1) involves the use of the 1944 net income figure after renegotiation and accelerated amortization adjustments and the excess profits tax figure for 1944 before such adjustments. Held, further, the refund or credit in 1947 of a portion of the 1944 excess profits tax due to renegotiation, accelerated amortization, and other adjustments applicable to 1944 does not constitute the receipt of taxable income in 1947 under the "tax benefit" theory.
1Opinion of the Court
OPINION.
Mulroney, Judge:
Respondent determined deficiencies in the petitioner’s income tax and excess profits tax as follows:
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Petitioner in Docket No. 56526 has conceded liability for the income tax deficiency of $162,937.53 for the fiscal year ended July 31, 1944, ,and it has also conceded that .there are no overpayments of excess profits taxes with respect to the fiscal years ended July 31, 1944 and 1945, under the provisions of section 722 of the Internal Revenue Code of 1939.1 Effect will be given to the concessions and stipulations of the parties in the Rule 50 computation.
All…
2Cases cited5 opinions
- Lewyt Corp. v. CommissionerSupreme Court of the United States · 1955
- Budd Company v. United StatesCourt of Appeals for the Third Circuit · 1957
- National Forge & Ordnance Company v. United StatesUnited States Court of Claims · 1957
- Continental Foundry & MacHine Co. v. United StatesUnited States Court of Claims · 1958
- Todd Shipyards Corp. v. United StatesUnited States Court of Claims · 1958
3Cited by3 opinions
- Joseph Weidenhoff, Inc. v. CommissionerUnited States Tax Court · 1959
- F. L. Jacobs Co. v. CommissionerUnited States Tax Court · 1958
- Joseph Weidenhoff, Inc. v. CommissionerUnited States Tax Court · 1959