Benson Hotel Corp. v. Commissioner
United States Tax Court
Petitioner is conceded by respondent to be qualified for relief under section 722(b)(4), I.R.C. 1939, from excess profits taxes because of a change in the character of its business resulting from the sale of a small hotel and purchase of a larger hotel during the base period.
Read the full summary
Petitioner is conceded by respondent to be qualified for relief under section 722(b)(4), I.R.C. 1939, from excess profits taxes because of a change in the character of its business resulting from the sale of a small hotel and purchase of a larger hotel during the base period. The relief granted by the Commissioner held to be inadequate and a constructive average base period net income was determined for each of petitioner's fiscal years ended May 31, 1942, through May 31, 1946. The variable credit rule is applied to determine a constructive average base period net income for petitioner's…
1Opinion of the Court
Benson Hotel Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Benson Hotel Corp. v. Commissioner
Docket No. 42685
United States Tax Court
36 T.C. 997; 1961 U.S. Tax Ct. LEXIS 76;
September 14, 1961, Filed
Decision will be entered under Rule 50.
Petitioner is conceded by respondent to be qualified for relief under section 722(b)(4), I.R.C. 1939, from excess profits taxes because of a change in the character of its business resulting from the sale of a small hotel and purchase of a larger hotel during the base period. The relief granted by the Commissioner held to be inadequate…
2Cases cited2 opinions
- Superior Valve & Fittings Co. v. CommissionerUnited States Tax Court · 1952
- Benson Hotel Corp. v. CommissionerUnited States Tax Court · 1961