Empire Liquor Corp. v. Commissioner
United States Tax Court
Petitioner, a wholesale liquor distributor, claims relief from excess profits tax under section 722 (b) (2) and (b) (4) of the 1939 Code. Held, petitioner has shown that it commenced business during the base period within the meaning of section 722 (b) (4), but has failed to establish a constructive average base period net income in excess of its invested capital credits for the years in issue.
1Opinion of the Court
OPINION.
Withey, Judge:
Petitioner contends that it is entitled to excess profits tax relief under section 722 (b) (2) and (b) (4) of the 1939 Code.3
Petitioner takes the position that its business was depressed in the base period because of the depression of the liquor industry by reason of a price war in that industry in New York State during the base period years which it claims was a temporary economic event unusual in the case of the industry. However, petitioner offered no specific evidence in support of its position with reference to the alleged price war. The evidence is sufficient to…
2Cases cited3 opinions
- Harlan Bourbon & Wine Co. v. CommissionerUnited States Tax Court · 1950
- Triangle Raincoat Co. v. CommissionerUnited States Tax Court · 1952
- Godfrey Food Co. v. CommissionerUnited States Tax Court · 1952
3Cited by1 opinion
- Empire Liquor Corp. v. CommissionerUnited States Tax Court · 1956