Basalt Rock Co. v. Commissioner
United States Tax Court
Where a corporation, which regularly computed income from long term contracts on the completed contract method of accounting and filed its income tax returns accordingly, exercised the election under section 736 (b), Internal Revenue Code, to compute its income from long term contracts for purposes of chapter 2-E on the percentage of completion method of accounting, held, that its "corporation surtax net income, computed under section 15" for the purpose of section 710 (a)…
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Where a corporation, which regularly computed income from long term contracts on the completed contract method of accounting and filed its income tax returns accordingly, exercised the election under section 736 (b), Internal Revenue Code, to compute its income from long term contracts for purposes of chapter 2-E on the percentage of completion method of accounting, held, that its "corporation surtax net income, computed under section 15" for the purpose of section 710 (a) (1) (B) is to be computed upon the percentage of completion method of accounting.
1Opinion of the Court
Basalt Rock Co., Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Basalt Rock Co. v. Commissioner
Docket No. 10620
United States Tax Court
10 T.C. 600; 1948 U.S. Tax Ct. LEXIS 222;
April 14, 1948, Promulgated
Decision will be entered under Rule 50.
Where a corporation, which regularly computed income from long term contracts on the completed contract method of accounting and filed its income tax returns accordingly, exercised the election under section 736 (b), Internal Revenue Code, to compute its income from long term contracts for purposes of chapter 2-E on the percentage of…
Also in this document: Dissent · Fossan; Dissent · Kern.
2Cases cited8 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Brewster v. GageSupreme Court of the United States · 1930
- Fawcus MacHine Co. v. United StatesSupreme Court of the United States · 1931
- Kimbrell's Home Furnishings, Inc. v. CommissionerUnited States Tax Court · 1946
- Mackin Corp. v. CommissionerUnited States Tax Court · 1946
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