R. C. Harvey Co. v. Commissioner
United States Tax Court
Where in determining the excess profits net income for one of the base period taxable years under code section 711 (b) (1), as amended, preparatory to determining the excess profits credit under section 713, as amended, petitioner in its excess profits tax return for the taxable year made an adjustment under section 711 (b) (1) (H), as amended, for an amount paid to a former employee in settlement of a claim, and the evidence shows that the amount was paid the former…
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Where in determining the excess profits net income for one of the base period taxable years under code section 711 (b) (1), as amended, preparatory to determining the excess profits credit under section 713, as amended, petitioner in its excess profits tax return for the taxable year made an adjustment under section 711 (b) (1) (H), as amended, for an amount paid to a former employee in settlement of a claim, and the evidence shows that the amount was paid the former employee as a consequence of a dispute which arose between petitioner and the employee, resulting in a cancellation of a…
1Opinion of the Court
OPINION.
Black, Judge-.
The question presented involves petitioner’s excess profits tax liability for the fiscal year ended August 31, 1941, under subchapter E of chapter 2 of the Internal Revenue Code, which subchapter was inserted in the code by Title II, section 201, of the Second Revenue Act of 1940, and is sometimes cited as the “Excess Profits Tax Act of 1940.” These provisions of the code have been amended from time to time. Only those amendments which are here material will be noted. <
Under section 710 (a) (1)1 the tax is imposed on the “adjusted excess profits net income” as defined in…
2Cases cited1 opinion
- William Leveen Corp. v. CommissionerUnited States Tax Court · 1944
3Cited by28 opinions
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- Surface Combustion Corp. v. CommissionerUnited States Tax Court · 1947
- E. B. & A. C. Whiting Co. v. CommissionerUnited States Tax Court · 1948
- Universal Optical Co. v. CommissionerUnited States Tax Court · 1948
- Pacific Gas & Electric Co. v. CommissionerUnited States Tax Court · 1946
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