Duke Power Co. v. Commissioner
United States Tax Court
1. Sec. 722(b)(4) -- Pushback -- Cabpni. -- In determining CABPNI for a power company which built new plants and came under sec. 722(b)(4) all earnings due to the increased capacity and all related changes must be considered. Amount of CABPNI determined. 2. Sec. 711(b)(1)(J). -- Abnormal deductions. Jefferson Amusement Co., 18 T.C. 44, followed.
1Opinion of the Court
OPINION
Tietjens, Judge:
As indicated in the findings of fact petitioner’s average base period net income for the purposes of computing its excess profits credit for the years at issue averaged, in round numbers, $8,277,975.
Petitioner contends on brief that the following constructive average base period net incomes (cabpni) are fair and just amounts to be used instead of the above actual figures:
1940_ $9, 674, 810
1941_ 10, 567,454
1942- 11, 211,715
1943_ $11,409, 024
1944- 11, 418, 396
1945_ 11,432,158
An average cabpni of $10,952,260 would be the result of using petitioner’s reconstructed figures.
In…
2Cases cited6 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- National Grinding Wheel Co. v. CommissionerUnited States Tax Court · 1947
- Jefferson Amusement Co. v. CommissionerUnited States Tax Court · 1952
- Superior Valve & Fittings Co. v. CommissionerUnited States Tax Court · 1952
- Davenport Hosiery Mills, Inc. v. CommissionerUnited States Tax Court · 1957
1 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Pascarelli v. CommissionerUnited States Tax Court · 1971
- Duke Power Co. v. CommissionerUnited States Tax Court · 1967
- Pascarelli v. CommissionerUnited States Tax Court · 1971