Transit Buses, Inc. v. Commissioner
United States Tax Court
In 1936 Ford Motor Company began the production and sale of Ford transit buses. Ford manufactured the chassis, had the body built thereon by Union City Body Company, and sold the completed buses through its transit bus dealer organization. Early in 1941 the petitioner was organized. It contracted with Ford to buy transit bus chassis and with Union City Body Company to build the bodies thereon.
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In 1936 Ford Motor Company began the production and sale of Ford transit buses. Ford manufactured the chassis, had the body built thereon by Union City Body Company, and sold the completed buses through its transit bus dealer organization. Early in 1941 the petitioner was organized. It contracted with Ford to buy transit bus chassis and with Union City Body Company to build the bodies thereon. It then sold the completed buses through its transit bus dealer organization which it had taken over from Ford. The fair and just amount representing normal earnings to be used as the petitioner's…
1Opinion of the Court
OPINION.
Turner, Judge:
The parties are in agreement that the petitioner is qualified for relief under the provisions of section 722 (c) (1) of the Internal Revenue Code1 and, by reason thereof, is “entitled to use the excess profits credit based on income, using the constructive average base period net income determined under subsection (a).”1
In its claim for relief, the petitioner contended for a constructive average base period net income of $62,590. In its petition, the amount claimed was $61,195.54, while, on brief, it now argues that $64,268.42 is the fair and just amount to be used as…
2Cases cited2 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- East Texas Motor Freight Lines v. CommissionerUnited States Tax Court · 1946
3Cited by5 opinions
- Smith's Heating, Inc. v. CommissionerUnited States Tax Court · 1955
- Smith's Heating, Inc. v. CommissionerUnited States Tax Court · 1955
- Smith's Heating, Inc. v. CommissionerUnited States Tax Court · 1955
- Transit Buses, Inc. v. CommissionerUnited States Tax Court · 1953
- Weir v. CommissionerUnited States Tax Court · 1958