Wiener Machinery Co. v. Commissioner
United States Tax Court
The petitioner had unused excess profits credits in 1942, 1943, and 1944 which it could apply as carry-over or carry-back credits in computing its excess profits tax for other years under the provisions of section 710 (c) of the I. R. C., but it did not apply the unused credits properly under section 710 (c). Its error consisted of failing, first to carry back to a preceding year the unused credit of a taxable year to apply to the excess profits income of the preceding year.
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The petitioner had unused excess profits credits in 1942, 1943, and 1944 which it could apply as carry-over or carry-back credits in computing its excess profits tax for other years under the provisions of section 710 (c) of the I. R. C., but it did not apply the unused credits properly under section 710 (c). Its error consisted of failing, first to carry back to a preceding year the unused credit of a taxable year to apply to the excess profits income of the preceding year. Petitioner, in each instance, erred in first carrying over the unused credit to a succeeding year. If petitioner had…
1Opinion of the Court
OPINION.
HaReon, Judge:
There is no dispute between the parties about the facts. The underlying dispute revolves around the application of section 710 (c) of the Code to petitioner’s excess profits tax years back to 1941. The pivotal year which determines the application of section 710 (c) of the Code is the calendar year 1942, as the facts show. Subsection (3) of section 710 (c) provides that if a taxpayer has an unused excess profits credit for “any taxable year beginning after-December 31, 1941,” such unused excess profits credit “shall be an unused excess profits credit carry-back for each…
2Cases cited2 opinions
- Commissioner v. Gooch Milling & Elevator Co.Supreme Court of the United States · 1944
- Elbert v. CommissionerUnited States Tax Court · 1943
3Cited by6 opinions
- Amelia J. Taylor v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
- Estate of Bessie I. Mueller, Deceased John S. Mueller, Personal Representative v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1998
- May Seed and Nursery Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1957
- Amelia J. Taylor v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
- Dunbaugh v. CommissionerUnited States Tax Court · 1984
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