Davis & Andrews Co. v. Commissioner
United States Board of Tax Appeals
1. When any of the conditions specified in paragraphs (a), (c) and (d) of section 327 of the Revenue Act of 1918 have been found by the Commissioner to exist, his duty to compute the tax under section 328 is mandatory. 2. Section 302 of that Act, providing limitations on the amount of tax imposed by section 301, is controlling over sections 301 and 328; and if the tax computed under section 302 be less than the tax computed under section 328, the computation under section…
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1. When any of the conditions specified in paragraphs (a), (c) and (d) of section 327 of the Revenue Act of 1918 have been found by the Commissioner to exist, his duty to compute the tax under section 328 is mandatory. 2. Section 302 of that Act, providing limitations on the amount of tax imposed by section 301, is controlling over sections 301 and 328; and if the tax computed under section 302 be less than the tax computed under section 328, the computation under section 302 applies. 3. Where, for the three years prior to 1920, the Commissioner has found that the invested capital of a…
1Opinion of the Court
OPINION.
James:
The sole issue in this appeal is whether the taxpayer as :a matter of right is entitled to have its tax computed under the provisions of section 328 of the Revenue Act of 1918, or whether *330the computation of the tax under section 302 relieves the Commissioner of the necessity for computation under section 328.
Section 301 of the Revenue Act of 1918 imposes an excess and war-profits tax upon the income of corporations, which involves the use of so-called excess and war profits credits based upon named percentages of invested capital and the graduation of the tax in named…
2Cited by2 opinions
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