Faigle Tool & Die Corp. v. Commissioner
United States Tax Court
Excess Profits Credit. -- Upon the facts, held (1) that petitioner was an acquiring corporation under section 740 (a) (1) (D), I. R. C., read with section 740 (b), (f), and (h), and that it is entitled to an excess profits credit under section 713 and 742, based on income.
1Opinion of the Court
OPINION.
Harron, Judge’.
The issue in this case is whether petitioner is entitled, for excess profits tax purposes, to an excess profits credit based on income. Normally, a domestic corporation has the choice, under section 712 of the Internal Revenue Code, of computing its excess profits credit under either the income method or the invested capital method, whichever results in the lesser tax. But the availability of this choice presupposes that the corporation was in existence during the base period, usually the years 1936 to 1939, inclusive, and that it earned income from which the average…
2Cited by10 opinions
- Moffatt v. CommissionerUnited States Tax Court · 1964
- R. & J. Furniture Co. v. CommissionerUnited States Tax Court · 1953
- Ransohoffs, Inc. v. CommissionerUnited States Tax Court · 1947
- J. M. Turner and Company, Incorporated v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1957
- Frederic R. Harris, Inc. v. CommissionerUnited States Tax Court · 1963
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