Huguet Fabrics Corp. v. Commissioner
United States Tax Court
Petitioner is not entitled to any relief from excess profits tax for its fiscal year ended September 30, 1941, because it has not established within the scope of section 722(b) of the Internal Revenue Code, as required and claimed, that its average base period net income is an inadequate standard of normal earnings.
1Opinion of the Court
OPINION.
Hill, Judge:
The issue presented is whether the petitioner is entitled to any relief from excess profits tax for its fiscal year ended September 30, 1941, under the provisions of section 722 of the Internal Eevenne Code. In order to be entitled to relief under the statute, petitioner must establish (1) that the tax computed without the benefit of section 722 results in an excessive and discriminatory tax, and (2) what would be a fair and just amount representing normal earnings to be used as a constructive average base period net income.1
Although the petitioner employed the invested…
2Cases cited5 opinions
- Wisconsin Farmer Co. v. CommissionerUnited States Tax Court · 1950
- Trunz, Inc. v. CommissionerUnited States Tax Court · 1950
- Foskett & Bishop Co. v. CommissionerUnited States Tax Court · 1951
- Toledo Stove & Range Co. v. CommissionerUnited States Tax Court · 1951
- Ray Campbell, Wise & Wright, Inc. v. CommissionerUnited States Tax Court · 1950
3Cited by7 opinions
- Stern & Stern Textiles, Inc. v. CommissionerUnited States Tax Court · 1956
- Stern & Stern Textiles, Inc. (Successor in Interest to Huguet Fabrics Corporation) v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1959
- Detroit MacOid Corp. v. CommissionerUnited States Tax Court · 1955
- Detroit MacOid Corp. v. CommissionerUnited States Tax Court · 1955
- Detroit Macoid Corp. v. CommissionerUnited States Tax Court · 1955
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