Mesaba-Cliffs Mining Co. v. Commissioner
United States Tax Court
Excess profits carry-over from 1940 to 1941 denied a taxpayer which operated on a nonprofit basis in 1940, selling its production to its stockholders at cost, but which in 1941 changed its policy and began selling to its stockholders at market for the purpose of making available to its stockholders the relief afforded by the excess profits tax provisions of the statute allowing a credit for invested capital.
1Opinion of the Court
OPINION.
LeMire, Judge:
This proceeding involves a deficiency of $122,692.62 in excess profits tax for 1941. The petitioner concedes liability for $604.05 of that amount. The contested portion of the deficiency results from the respondent’s disallowance of an excess profits credit carryover for 1940.
The parties have filed a written stipulation of facts reading, in material part, as follows:
1. The Petitioner is a Minnesota corporation, with principal office at 1460 Union Commerce Building, Cleveland, Ohio. The return for the period here involved was filed with the Collector for the Eighteenth…
2Cases cited1 opinion
- Weir Long Leaf Lumber Co. v. CommissionerUnited States Tax Court · 1947
3Cited by13 opinions
- Wier Long Leaf Lumber Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1949
- Rite-Way Products, Inc. v. CommissionerUnited States Tax Court · 1949
- Bowman v. GlennDistrict Court, W.D. Kentucky · 1949
- Eastern Grain Elevator Corp. v. McGowanDistrict Court, W.D. New York · 1950
- Aluminum Products Co. v. United StatesUnited States Court of Claims · 1951
8 more not listed; retrieve them via the Exa API.