Stonhard Co. v. Commissioner
United States Tax Court
1. Excess Profits Tax -- Relief Under Section 722 -- Change in the Character of the Business -- A Difference in the Products Furnished. -- The introduction of three new products, which fit into the line constituting the business and do not materially change that business, does not represent a "difference in the products * * * furnished" within the meaning of section 722 (b) (4), I. R. C. 2. Excess Profits Tax -- Relief Under Section 722 -- Push Back -- Reconstruction of…
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1. Excess Profits Tax -- Relief Under Section 722 -- Change in the Character of the Business -- A Difference in the Products Furnished. -- The introduction of three new products, which fit into the line constituting the business and do not materially change that business, does not represent a "difference in the products * * * furnished" within the meaning of section 722 (b) (4), I. R. C. 2. Excess Profits Tax -- Relief Under Section 722 -- Push Back -- Reconstruction of Earnings. -- Earnings can not be reconstructed under the "push back" rule in the absence of persuasive reasons supported by…
1Opinion of the Court
OPINION.
Muedock, Judge:
The petitioner is a domestic corporation which was in existence before January 1,1940, and is, therefore, entitled to use the excess profits credit based on income pursuant to section 713 or the excess profits credit based upon invested capital pursuant to section 714, whichever amount results in a lesser tax. Sec. 712 (a). The statements attached to the notices of rejection indicate that the petitioner’s excess profits credit based on invested capital was $4,700.87 for 1941 and $5,203.03 for 1942. The petitioner’s base period was the years 1936 through 1939 and its…
2Cases cited3 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- Monarch Cap Screw & Mfg. Co. v. CommissionerUnited States Tax Court · 1945
- Blum Folding Paper Box Co. v. CommissionerUnited States Tax Court · 1945
3Cited by44 opinions
- Wisconsin Farmer Co. v. CommissionerUnited States Tax Court · 1950
- Farmers Creamery Co. v. CommissionerUnited States Tax Court · 1952
- Pabst Air Conditioning Corp. v. CommissionerUnited States Tax Court · 1950
- A. B. Frank Co. v. CommissionerUnited States Tax Court · 1952
- Triangle Raincoat Co. v. CommissionerUnited States Tax Court · 1952
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