Park & 46th Street Corp. v. Commissioner
United States Tax Court
Excess Profits Tax -- Relief Under Section 722 -- 722 (b) (5). -- The petitioner has not established its right to relief under section 722 (b) (5) by showing that deductions for depreciation of the cost of assets having lives coextensive with a lease were larger in the base period than in the tax years because the term of the lease was extended in 1941, thus reducing the rate.
1Opinion of the Court
Park and 46th Street Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Park & 46th Street Corp. v. Commissioner
Docket No. 21121
United States Tax Court
14 T.C. 588; 1950 U.S. Tax Ct. LEXIS 228;
April 14, 1950, Promulgated
Decision will be entered for the respondent.
Excess Profits Tax -- Relief Under Section 722 -- 722 (b) (5). -- The petitioner has not established its right to relief under section 722 (b) (5) by showing that deductions for depreciation of the cost of assets having lives coextensive with a lease were larger in the base period than in the tax years because the…
2Cases cited3 opinions
- Clinton Carpet Co. v. CommissionerUnited States Tax Court · 1950
- Philadelphia, G. & N. R. Co. v. CommissionerUnited States Tax Court · 1946
- Park & 46th Street Corp. v. CommissionerUnited States Tax Court · 1950