Barnes Transp. Co. v. Commissioner
United States Tax Court
Petitioner, a natural gas company, during the taxable years involved was engaged solely in the transportation of natural gas by pipe line for hire. Held, petitioner is not entitled to the benefits of section 735 of the Internal Revenue Code as amended by the Revenue Act of 1943.
1Opinion of the Court
OPINION.
Leech, Judge-.
This proceeding involves the correctness of a proposed deficiency in excess profits tax for the calendar year 1943 in the amount of $6,632.34. In determining the excess profits net income for the taxable year, respondent denied the petitioner the benefits of section Ill and section 135 of the Internal Revenue Code in computing “nontaxable income.” The propriety of that action is the only issue submitted. All the facts were stipulated and are incorporated herein by reference. The material facts may be siunmarized as follows:
The petitioner is a corporation, organized…
2Cases cited2 opinions
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
- Alexander v. Cosden Pipe Line Co.Supreme Court of the United States · 1934
3Cited by5 opinions
- Latrobe Steel Co. v. CommissionerUnited States Tax Court · 1974
- Sec. Bank Minn. v. Comm'rUnited States Tax Court · 1992
- Barnes Transp. Co. v. CommissionerUnited States Tax Court · 1950
- Latrobe Steel Co. v. CommissionerUnited States Tax Court · 1974
- Sec. Bank Minn. v. Comm'rUnited States Tax Court · 1992