Stanton Brewery, Inc. v. Commissioner
United States Tax Court
Petitioner, on December 31, 1941, having merged with a wholly owned subsidiary, which had an excess profits credit carry-over from 1940 and 1941, held, not entitled to use this credit for the purpose of computing its excess profits tax for 1942.
1Opinion of the Court
OPINION.
OppeR, Judge:
A deficiency for the year 1942 in excess profits tax of $22,153.38 was originally placed wholly in issue by this proceeding. Two issues have now, however, been eliminated by mutual concessions, and what remains is a question as to the construction of section 742, Internal Revenue Code, said by the parties to be a matter of first impression.
All of the facts have been stipulated, and we find them accordingly. Petitioner, a New York corporation which filed the return here involved with the collector for the fourteenth New York district, merged with a wholly owned subsidiary…
2Cases cited1 opinion
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
3Cited by26 opinions
- Seaboard Commercial Corp. v. CommissionerUnited States Tax Court · 1957
- Trinco Industries, Inc. v. CommissionerUnited States Tax Court · 1954
- Stanton Brewery v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1949
- Standard Paving Co. v. CommissionerUnited States Tax Court · 1949
- California Casket Co. v. CommissionerUnited States Tax Court · 1952
21 more not listed; retrieve them via the Exa API.