General Instrument Corp. v. Commissioner
United States Tax Court
Held: 1. Petitioner, General Instrument & Appliance Corporation, has established that it is entitled to excess profits tax relief under section 722(b)(4), I.R.C. 1939, because its average base period net income was an inadequate standard of normal earnings since, prior to January 1, 1940, it was committed to a course of action resulting in a change after December 31, 1939, in capacity for the production or operation of its business.
Read the full summary
Held: 1. Petitioner, General Instrument & Appliance Corporation, has established that it is entitled to excess profits tax relief under section 722(b)(4), I.R.C. 1939, because its average base period net income was an inadequate standard of normal earnings since, prior to January 1, 1940, it was committed to a course of action resulting in a change after December 31, 1939, in capacity for the production or operation of its business. Constructive average base period net income determined. 2. Petitioner's claim for refund of excess profits tax for the fiscal year ended February 29, 1944, is…
1Opinion of the Court
Withey, Judge:
The respondent denied petitioners’ applications for relief and claims for refund of excess profits tax under section 722 of the Internal Revenue Code of 1939 for the taxable years ended February 28, 1942, February 28, 1943, February 29, 1944, and February 28, 1945, together with carryback and carry-forward adjustments to the taxable years ended February 28,1941, and February 28, 1946.
Petitioner, General Instrument Corporation, has abandoned at the trial all issues raised by its petition herein.
The sole issues presented are:(1) Whether petitioner, General Instrument & Appliance…
2Cases cited12 opinions
- Florsheim Brothers Drygoods Co. v. United StatesSupreme Court of the United States · 1930
- Lucas v. Pilliod Lumber Co.Supreme Court of the United States · 1930
- Cook v. TaitSupreme Court of the United States · 1924
- Plunkett v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1941
- Triangle Raincoat Co. v. CommissionerUnited States Tax Court · 1952
7 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Sperapani v. CommissionerUnited States Tax Court · 1964
- General Mfg. Corp. v. CommissionerUnited States Tax Court · 1965
- General Instrument Corp. v. CommissionerUnited States Tax Court · 1961
- General Mfg. Corp. v. CommissionerUnited States Tax Court · 1965
- Sperapani v. CommissionerUnited States Tax Court · 1964