American Metal Climax, Inc. v. Commissioner

OPINION

Petitioner seeks relief under the Internal Revenue Code of 1939 for claimed net abnormal income in 1942, of the class and as defined in section 721 (a)(1), (a)(2)(C), and (a)(3) .2 It relies on exploration and development expenditures made over a period in excess of 12 months which in 1942 allegedly produced income in excess of 125 percent of income resulting from such expenditures earned in the 4 previous taxable years. Petitioner concludes that it is entitled to have such income attributed to prior years under section 721(b) 3 and excluded from the coverage of the excess profits tax…