Standard Oil Company (New Jersey) v. United States

If the issue here were whether Standard could utilize different figures of net income for normal income and excess profits taxes for 1941,1 would agree that § 711(a) of the 1939 Code would require a negative answer. Standard never attempted to do that; the issue is a quite different one — whether in computing its 1943 and 1944 excess profits taxes Standard could determine its “unused excess profits credit” arising from 1941 operations by taking an altogether proper deduction which it had not taken, and never did take, from its 1941 income as reported on returns relating to its taxes for that…