Danco Co. v. Commissioner
United States Tax Court
Petitioner, an Ohio corporation organized in April, 1940, was engaged during the taxable years 1942 and 1943 in the business of fabricating sheet metal to customers' specifications. Petitioner duly filed applications for relief under section 722 (c) of the Internal Revenue Code in respect to the years 1942 and 1943, which applications have been disallowed by the Commissioner.
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Petitioner, an Ohio corporation organized in April, 1940, was engaged during the taxable years 1942 and 1943 in the business of fabricating sheet metal to customers' specifications. Petitioner duly filed applications for relief under section 722 (c) of the Internal Revenue Code in respect to the years 1942 and 1943, which applications have been disallowed by the Commissioner. Held, that a taxpayer seeking relief under section 722 (c) must demonstrate the inadequacy of its excess profits tax credit based upon invested capital by showing the existence of one of the qualifying features under…
1Opinion of the Court
OPINION.
Aeundell, Judge:
In this proceeding, the petitioner challenges the deficiencies in excess profits tax determined by the respondent for the taxable years 1942 and 1943 on the ground that under the provisions of section 722 (c) of the Internal Revenue Code it is entitled to refunds in the amounts of $7,026.32, with interest, and $26,765.10, with interest, representing excess profits taxes paid in the years 1942 and 1943, respectively.
Generally speaking, section 722 (c)1 provides that the tax shall be considered excessive and discriminatory where a taxpayer is not entitled to use the…
2Cases cited5 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- MacDonald v. CommissionerUnited States Tax Court · 1944
- Irwin B. Schwabe Co. v. CommissionerUnited States Tax Court · 1949
- Fairfax Mut. Wood Products Co. v. CommissionerUnited States Tax Court · 1945
- Graham Flying Service v. CommissionerUnited States Tax Court · 1947
3Cited by53 opinions
- Toledo Stove & Range Co. v. CommissionerUnited States Tax Court · 1951
- Carty v. CommissionerUnited States Tax Court · 1962
- Godfrey Food Co. v. CommissionerUnited States Tax Court · 1952
- Danco Co. v. CommissionerUnited States Tax Court · 1952
- Superior Valve & Fittings Co. v. CommissionerUnited States Tax Court · 1952
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