Gillette Co. v. Commissioner
United States Tax Court
Held, in determining the amount of unused excess profits credit, based upon CABPNI, from the year 1941 available as a carryover to the year 1943, petitioner is entitled to use of CABPNI for the year 1942 in computing the amount of its adjusted excess profits net income for 1942 against which the unused credit from 1941 must first be applied.
1Opinion of the Court
OPINION.
Drennen, Judge:
Respondent determined a deficiency in petitioner’s income tax in the amount of $76,976.65 and an overassessment in its excess profits tax in the amount of $202,773.72 for the year 1943.
The sole question for decision is whether respondent erred in computing the unused excess profits credit carryover from 1941 to 1943 by basing the excess profits credit for the intervening year 1942 on average base period net income rather than on a constructive average base period net income for which petitioner contends.
All the facts have been stipulated and are found accordingly.
Petitio…
2Cases cited11 opinions
- Angelus Milling Co. v. CommissionerSupreme Court of the United States · 1945
- Blum Folding Paper Box Co. v. CommissionerUnited States Tax Court · 1945
- Pioneer Parachute Co. v. CommissionerUnited States Tax Court · 1944
- Packer Pub. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1954
- May Seed and Nursery Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1957
6 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Gillette Co. v. CommissionerUnited States Tax Court · 1961