Producers Crop Improv. Asso. v. Commissioner
United States Tax Court
1. Excess Profits -- Abnormal Income -- Attributable to Prior Year -- Sections 721 (a) (2) (C), (a) (1), and (a) (3). -- Income tax net income or loss is not a "class" under section 721 (a) (2) (C). A part of net abnormal income, if proven, can not be allocated to other years in the absence of proof of some factual justification therefor. 2. Counsel and Court -- Responsibilities and Functions of Each. -- A petitioner must state and prove his case to succeed and may not cast…
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1. Excess Profits -- Abnormal Income -- Attributable to Prior Year -- Sections 721 (a) (2) (C), (a) (1), and (a) (3). -- Income tax net income or loss is not a "class" under section 721 (a) (2) (C). A part of net abnormal income, if proven, can not be allocated to other years in the absence of proof of some factual justification therefor. 2. Counsel and Court -- Responsibilities and Functions of Each. -- A petitioner must state and prove his case to succeed and may not cast any of his burden upon the Court.
1Opinion of the Court
OPINION.
Mukdock, Judge:
“Abnormal income” as defined in section 721 (a) (1) includes “income of any class includible in the gross income of the taxpayer for any taxable year * * * if the taxpayer normally derives income of such class but the amount of such income of such class includible in the gross income of the taxable year is in excess of 125 per centum of the average amount of the gross income of the same class for the four previous taxable years, or, if the taxpayer was not in existence for four previous taxable years, the taxable years during which the taxpayer was in existence.”…
2Cases cited1 opinion
- Geyer, Cornell & Newell, Inc. v. CommissionerUnited States Tax Court · 1946
3Cited by27 opinions
- Farmers Cooperative Co. v. BirminghamDistrict Court, N.D. Iowa · 1949
- Union Equity Cooperative Exchange v. CommissionerUnited States Tax Court · 1972
- Ramsey Accessories Mfg. Corp. v. CommissionerUnited States Tax Court · 1948
- Primas Groves, Inc. v. CommissionerUnited States Tax Court · 1950
- Atlumor Mfg. Co. v. CommissionerUnited States Tax Court · 1949
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