Copco Steel & Engineering Co. v. Commissioner
United States Tax Court
Sec. 722 (b) (4), 1939 Code -- Change in Character of Business. -- Respondent allowed partial relief by reason of base period changes. Held, petitioner also qualifies for relief by reason of a change in capacity for production or operation consummated after December 31, 1939, by acquisition of leased facilities, as a result of a course of action to which petitioner was theretofore committed.
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Sec. 722 (b) (4), 1939 Code -- Change in Character of Business. -- Respondent allowed partial relief by reason of base period changes. Held, petitioner also qualifies for relief by reason of a change in capacity for production or operation consummated after December 31, 1939, by acquisition of leased facilities, as a result of a course of action to which petitioner was theretofore committed. Held, further, that certain other alleged committed-for changes in capacity are not established. Determination made of a fair and just amount representing normal earnings to be used as petitioner's…
1Opinion of the Court
OPINION.
Arundell, Judge:
The petitioner duly filed applications for excess profits tax relief under section 722 of the Internal Revenue Code of 1939, and related claims for refund of excess profits taxes paid for the calendar years 1940 to 1945, both inclusive.
Respondent determined that under section 722 (jb) (4) petitioner is qualified for relief by reason of base period changes in the character of its business but denied petitioner’s further claims for relief based upon alleged commitments for increases in capacity for production or operation consummated after December 31, 1939. The…
2Cases cited6 opinions
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