Richey v. Commissioner
United States Tax Court
Excess Profits Tax -- Relief Under Section 721. -- A corporation prospected for iron ore throughout 1938 and for several months in 1939 when it located a large body of ore from the sales of which it realized income in 1940 in excess of 125 per cent of average income for the years 1938 and 1939. Held, that the corporation realized income of the class defined by section 721 (a) (2) (C) and is entitled to relief.
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Excess Profits Tax -- Relief Under Section 721. -- A corporation prospected for iron ore throughout 1938 and for several months in 1939 when it located a large body of ore from the sales of which it realized income in 1940 in excess of 125 per cent of average income for the years 1938 and 1939. Held, that the corporation realized income of the class defined by section 721 (a) (2) (C) and is entitled to relief. Amount of net abnormal income attributable to prior years determined.
1Opinion of the Court
Simpson Richey, as Transferee of Assets of Wade and Richey, Incorporated, Petitioner, v. Commissioner of Internal Revenue, Respondent. Robin Adair Wade, as Transferee of Assets of Wade and Richey, Incorporated, Petitioner, v. Commissioner of Internal Revenue, Respondent. Lillian Pearl Wade, as Transferee of Assets of Wade and Richey, Incorporated, Petitioner, v. Commissioner of Internal Revenue, Respondent. Genevieve Mae Lee, as Transferee of Assets of Wade and Richey, Incorporated, Petitioner, v. Commissioner of Internal Revenue, Respondent
Richey v. Commissioner
Docket Nos. 24966, 24967,…
2Cases cited5 opinions
- Ramsey Accessories Mfg. Corp. v. CommissionerUnited States Tax Court · 1948
- Morrisdale Coal Mining Co. v. CommissionerUnited States Tax Court · 1949
- Keystone Brass Works v. CommissionerUnited States Tax Court · 1949
- Southwestern Oil & Gas Co. v. CommissionerUnited States Tax Court · 1946
- Richey v. CommissionerUnited States Tax Court · 1953