Pure Transp. Co. v. Commissioner
United States Tax Court
Held: Petitioner's claim for excess profits tax relief under section 722(b)(2) and section 722(b)(4) is denied. The business of the petitioner's component corporation was not depressed in the base period because of temporary economic circumstances due to a purported monopoly enjoyed by another corporation. Petitioner also failed to establish that its average base period net income was an inadequate standard of its normal earnings.
1Opinion of the Court
Mulroney, Judge:
Respondent disallowed the petitioner’s applications for excess profits tax relief under section 122 of the Internal Revenue Code of 1939 1 for the years 1943, 1944, and 1945. For each of the taxable years petitioner’s excess profits tax liability, as finally determined by the respondent without the application of section 722, is $174,596.99, $238,469.67, and $142,548.79 for the years 1943, 1944, and 1945, respectively. Petitioner bases its claim for relief on sections 722(b)(2) and 722(b)(4). The questions presented are:(1) Whether the business of petitioner’s “component,”…
2Cases cited7 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- National Grinding Wheel Co. v. CommissionerUnited States Tax Court · 1947
- Irwin B. Schwabe Co. v. CommissionerUnited States Tax Court · 1949
- A. B. Frank Co. v. CommissionerUnited States Tax Court · 1952
- Godfrey Food Co. v. CommissionerUnited States Tax Court · 1952
2 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Pure Transp. Co. v. CommissionerUnited States Tax Court · 1960