Community Public Service Co. v. Commissioner
United States Tax Court
In 1935 petitioner acquired from its predecessor corporation certain assets through a bankruptcy proceeding, within section 121 of the Revenue Act of 1943. Held, that in computing unused excess profits credits for 1941 and 1942, to be carried forward and used in computing its 1943 tax, the petitioner properly used its predecessor's basis, as provided in section 121, Revenue Act of 1943.
1Opinion of the Court
OPINION.
Disney, Judge-.
This case involves a deficiency in excess profits tax for the year 1943 in the amount of $114,176.94, with a resulting overassessment in income tax in the amount of $30,686.02, and a claim for refund of excess profits tax for 1943, the amount dependent upon the conclusion reached in this case. The issue is whether petitioner is entitled to unused excess profits credit carry-overs from the years 1941 and 1942, with a resulting unused excess profits credit adjustment for 1943 in the amount of $196,246.09. .
The parties have stipulated all of the facts, reading (except…
2Cases cited2 opinions
- Moore, Inc. v. CommissionerUnited States Tax Court · 1944
- Reo Motors, Inc. v. CommissionerUnited States Tax Court · 1947
3Cited by2 opinions
- Bessemer Limestone & Cement Co. v. CommissionerUnited States Tax Court · 1956
- Community Public Service Co. v. CommissionerUnited States Tax Court · 1949