Norfolk & Chesapeake Coal Co. v. Commissioner
United States Tax Court
Petitioner seeks excess profits tax relief under section 722, Internal Revenue Code, subparagraphs (2) and (5) of subsection (b). It is engaged in mining and selling bituminous coal. Its base period net income was larger than its net income for any preceding four consecutive fiscal years. Held: petitioner is not entitled to relief as it has not established that its average base period net income is an inadequate standard of normal earnings.
1Opinion of the Court
OPINION.
Tietjens, Judge:
The petitioner has the burden of proving that its excess profits tax is excessive and discriminatory, and to establish what would be a fair and just amount representing normal earnings. Its tax is deemed excessive and discriminatory for purposes of section 722 of the Internal Revenue Code if its average base period net income is shown to have been an inadequate standard of normal earnings for one or more of the reasons stated in section 722 (b). Petitioner relies upon section 722 (a) and subparagraphs (2) and (5) of section 722 (b).1
Petitioner is a member of the…
2Cases cited9 opinions
- Sunshine Anthracite Coal Co. v. AdkinsSupreme Court of the United States · 1940
- Appalachian Coals, Inc. v. United StatesSupreme Court of the United States · 1933
- Monarch Cap Screw & Mfg. Co. v. CommissionerUnited States Tax Court · 1945
- Avey Drilling Machine Co. v. CommissionerUnited States Tax Court · 1951
- Foskett & Bishop Co. v. CommissionerUnited States Tax Court · 1951
4 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Norfolk & Chesapeake Coal Co. v. CommissionerUnited States Tax Court · 1952