Packer Publishing Co. v. Commissioner
United States Tax Court
1. Evidence showing long term downward trend in profits of petitioner's newspaper business, rather than variant profit cycle or temporary or unusual economic circumstances, held not to entitle it to relief under sections 722 (b) (3) (A), or 722 (b) (2). 2. Change of contracts during base period which materially altered manner of operation of petitioner's comic supplement business held to entitle it to relief under section 722 (b) (4) as a change in the character of the…
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1. Evidence showing long term downward trend in profits of petitioner's newspaper business, rather than variant profit cycle or temporary or unusual economic circumstances, held not to entitle it to relief under sections 722 (b) (3) (A), or 722 (b) (2). 2. Change of contracts during base period which materially altered manner of operation of petitioner's comic supplement business held to entitle it to relief under section 722 (b) (4) as a change in the character of the business. 3. Unused excess profits tax credit carry-over based on special relief and shown in computation of claims for…
1Opinion of the Court
OPINION.
I
OppeR, Judge.:
Petitioner’s claim for relief under section 722, Internal Revenue Code, was founded upon four propositions: (1) That the earnings of its trade journals, The Packer and The Produce Packer, were “depressed in the base period because of temporary economic circumstances unusual”1 in its case or in the case of its industry, within the scope of subsection (b) (2) ; (2) that its business was “depressed” during the base period by reason of being subjected to “a profits cycle differing materially in length and amplitude from the general business cycle,”2 under subsection (b) (3)…
2Cases cited11 opinions
- Monarch Cap Screw & Mfg. Co. v. CommissionerUnited States Tax Court · 1945
- Wisconsin Farmer Co. v. CommissionerUnited States Tax Court · 1950
- Mutual Lumber Co. v. CommissionerUnited States Tax Court · 1951
- Great Atlantic & Pacific Tea Co. v. Federal Trade CommissionCourt of Appeals for the Third Circuit · 1939
- Harlan Bourbon & Wine Co. v. CommissionerUnited States Tax Court · 1950
6 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Packer Pub. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1954
- Martin Weiner Corporation (Formerly Wohl Fabrics Co.) v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1955
- Willys-Overland Motors, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1955
- Martin Weiner Corporation (Formerly Wohl Fabrics Co.) v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1955
- Packer Publishing Co. v. CommissionerUnited States Tax Court · 1951