Bay Co. v. Renegotiation Board
United States Tax Court
During the fiscal year ended September 30, 1952, petitioner (maintaining a completed contract basis of accounting) completed four contracts subject to renegotiation totaling $ 1,998,933.40. Overhead expenses during the years such contracts were in process were allocated to such contracts on petitioner's books on the basis of their direct costs.
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During the fiscal year ended September 30, 1952, petitioner (maintaining a completed contract basis of accounting) completed four contracts subject to renegotiation totaling $ 1,998,933.40. Overhead expenses during the years such contracts were in process were allocated to such contracts on petitioner's books on the basis of their direct costs. Under such overhead allocation method, the profit, per books, on such contracts was $ 346,246.52. Held, petitioner employed a method of allocating overhead on its books and records which properly reflected its costs on the contracts. Held, further,…
1Opinion of the Court
The Bay Company, Petitioner, v. Renegotiation Board, Respondent
Bay Co. v. Renegotiation Board
Docket No. 952-R
United States Tax Court
38 T.C. 535; 1962 U.S. Tax Ct. LEXIS 108;
July 30, 1962, Filed
During the fiscal year ended September 30, 1952, petitioner (maintaining a completed contract basis of accounting) completed four contracts subject to renegotiation totaling $ 1,998,933.40. Overhead expenses during the years such contracts were in process were allocated to such contracts on petitioner's books on the basis of their direct costs. Under such overhead allocation method, the profit, per…
2Cases cited3 opinions
- Cohen v. Secretary of WarUnited States Tax Court · 1946
- Bay Co. v. Renegotiation BoardUnited States Tax Court · 1962
- Stoner Manufacturing Corp. v. Secretary of WarUnited States Tax Court · 1953