East Texas Motor Freight Lines v. Commissioner
United States Tax Court
1. Upon the evidence, held, petitioner has established under section 722 (b) (4), I. R. C., as amended, that its excess profits tax for the three fiscal years ended June 30, 1941, 1942, and 1943, was excessive and discriminatory where its average base period net income was an inadequate standard of normal earnings because during the base period petitioner changed the character of its business and its average base period net income did not reflect the normal operation for the…
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1. Upon the evidence, held, petitioner has established under section 722 (b) (4), I. R. C., as amended, that its excess profits tax for the three fiscal years ended June 30, 1941, 1942, and 1943, was excessive and discriminatory where its average base period net income was an inadequate standard of normal earnings because during the base period petitioner changed the character of its business and its average base period net income did not reflect the normal operation for the entire base period of the business, and petitioner's business did not reach, by the end of the base period, the earning…
1Opinion of the Court
OPINION.
Black, Judge:
The question presented is whether petitioner is entitled to any relief from excess profits tax for the fiscal years ended June 30, 1941, 1942, and 1943, under the provisions of section 722 of the Internal Revenue Code, as amended, and, if so, the amount thereof. The material provisions of section 722 are in the margin.1 The applicable regulations for the fiscal years ended June 30, 1941 and 1942, are found in Regulations 109, as amended by T. D. 5264,1943 C. B. 761, and T. D. 5415, 1944 C. B. 404. The applicable regulations for the fiscal year ended June 30, 1943, are…
2Cases cited2 opinions
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