Liberty Fabrics of New York, Inc. v. Commissioner
United States Tax Court
Petitioner's claim for relief under section 722 (b) (4), I. R. C. 1939, on the ground that the character of its business had changed, held, properly disallowed in view of the absence of any permissible reconstruction of normal earnings which would exceed the excess profits credit to which it is entitled in any event under section 713 (f).
1Opinion of the Court
Liberty Fabrics of New York, Inc. (Formerly Liberty Lace and Netting Works), Petitioner, v. Commissioner of Internal Revenue, Respondent
Liberty Fabrics of New York, Inc. v. Commissioner
Docket No. 32828
United States Tax Court
28 T.C. 645; 1957 U.S. Tax Ct. LEXIS 159;
June 13, 1957, Filed
Decision will be entered for the respondent.
Petitioner's claim for relief under section 722 (b) (4), I. R. C. 1939, on the ground that the character of its business had changed, held, properly disallowed in view of the absence of any permissible reconstruction of normal earnings which would exceed the excess…
2Cases cited8 opinions
- Irwin B. Schwabe Co. v. CommissionerUnited States Tax Court · 1949
- Trunz, Inc. v. CommissionerUnited States Tax Court · 1950
- Ray Campbell, Wise & Wright, Inc. v. CommissionerUnited States Tax Court · 1950
- General Metalware Co. v. CommissionerUnited States Tax Court · 1951
- Davenport Hosiery Mills, Inc. v. CommissionerUnited States Tax Court · 1957
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