Crater Lake Machinery Co. v. Commissioner
United States Tax Court
Excess Profits Tax Credit Based on Income -- Korean War -- Purchase of Another Corporation -- Elimination of Duplication in Base Period Combined Earnings -- Sec. 474, I. R. C. 1939 -- Regs. 130, Sec. 40.474-4 (a) (1) and (a) (2) (ii). -- The fact that the petitioner in some base period years had a deficit in excess profits net income does not preclude the elimination of a duplication of earnings under section 474 and Regulations 130, sec. 40.474-4 (a) (1) and (a) (2) (ii),…
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Excess Profits Tax Credit Based on Income -- Korean War -- Purchase of Another Corporation -- Elimination of Duplication in Base Period Combined Earnings -- Sec. 474, I. R. C. 1939 -- Regs. 130, Sec. 40.474-4 (a) (1) and (a) (2) (ii). -- The fact that the petitioner in some base period years had a deficit in excess profits net income does not preclude the elimination of a duplication of earnings under section 474 and Regulations 130, sec. 40.474-4 (a) (1) and (a) (2) (ii), in combining the base period excess profits net income of the petitioner and that of the "selling" corporation for the…
1Opinion of the Court
OPINION.
Mukdook, Judge:
The Commissioner determined a deficiency in the income tax of the petitioner of $27,850.64 for 1951 and one of $29,017.02 for 1952. The issue for decision arises under the Internal Revenue Code of 1939, as amended by the Excess Profits Tax Act of 1950 and the Revenue Act of 1951. It provides for excess profits tax credits for the taxable years based upon the excess profits net income of a base period consisting of the years 1946 through 1949. Sec. 435. The petitioner purchased the assets of Reed Tractor and Equipment Co., a partnership, on September 26, 1949. The Code…
2Cases cited1 opinion
- National Bank of Commerce v. CommissionerUnited States Tax Court · 1957
3Cited by3 opinions
- Virginia Stevedoring Corp. v. CommissionerUnited States Tax Court · 1958
- Crater Lake Machinery Co. v. CommissionerUnited States Tax Court · 1957
- Virginia Stevedoring Corp. v. CommissionerUnited States Tax Court · 1958