Colorado Milling & Elevator Co. v. Commissioner
United States Tax Court
1. Excess Profits Tax -- Abnormal Deductions -- Section 711 (b) (1) (J). -- Petitioner, a wheat milling and sales corporation, for the purpose of computing its excess profits credit for the taxable years ended May 31, 1944, and May 31, 1945, reduced its actual opening inventories by use of a formula for each of the base period fiscal years 1938 and 1939, and claimed abnormal deductions therefor under section 711. Held, petitioner's alleged "abnormal deductions" being…
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1. Excess Profits Tax -- Abnormal Deductions -- Section 711 (b) (1) (J). -- Petitioner, a wheat milling and sales corporation, for the purpose of computing its excess profits credit for the taxable years ended May 31, 1944, and May 31, 1945, reduced its actual opening inventories by use of a formula for each of the base period fiscal years 1938 and 1939, and claimed abnormal deductions therefor under section 711. Held, petitioner's alleged "abnormal deductions" being inventory adjustments, are a reduction of cost of goods sold and as such are not within the class of items which are deductions…
1Opinion of the Court
The Colorado Milling & Elevator Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Colorado Milling & Elevator Co. v. Commissioner
Docket No. 26620
United States Tax Court
17 T.C. 1280; 1952 U.S. Tax Ct. LEXIS 279;
February 7, 1952, Promulgated
Decision will be entered under Rule 50.
1. Excess Profits Tax -- Abnormal Deductions -- Section 711 (b) (1) (J). -- Petitioner, a wheat milling and sales corporation, for the purpose of computing its excess profits credit for the taxable years ended May 31, 1944, and May 31, 1945, reduced its actual opening inventories by use of a formula…
2Cases cited4 opinions
- Arrow-Hart & Hegeman Electric Co. v. CommissionerUnited States Tax Court · 1946
- Universal Optical Co. v. CommissionerUnited States Tax Court · 1948
- George J. Meyer Malt & Grain Corp. v. CommissionerUnited States Tax Court · 1948
- Colorado Milling & Elevator Co. v. CommissionerUnited States Tax Court · 1952