Foskett & Bishop Co. v. Commissioner
United States Tax Court
Petitioner is engaged primarily in the business of installing pipes to carry steam, water, and oil in nonresidential buildings. It paid excess profits tax for the years 1941, 1942, 1943, and 1945 and filed applications for relief under section 722 of the Internal Revenue Code for all four years which were disallowed by the Commissioner.
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Petitioner is engaged primarily in the business of installing pipes to carry steam, water, and oil in nonresidential buildings. It paid excess profits tax for the years 1941, 1942, 1943, and 1945 and filed applications for relief under section 722 of the Internal Revenue Code for all four years which were disallowed by the Commissioner. Held, petitioner failed to establish that its excess profits tax for the calendar years 1941, 1942, 1943, and 1945, computed without the benefit of section 722, as amended, was excessive and discriminatory because of the factors mentioned in section 722 (b)…
1Opinion of the Court
OPINION.
Black, Judge:
The question presented is whether petitioner is entitled to any relief from excess profits tax for the calendar years 1941, 1942, 1943, and 1945, under the provisions of section 722 of the Internal Revenue Code, as amended.
A taxpayer is entitled to relief under section 722 if it establishes that its excess profits tax computed without the benefit of section 722 is “excessive and discriminatory” and establishes “a fair and just amount representing normal earnings” to be used as a constructive average base period net income. Section 722 (a), Internal Revenue Code.1
The…
2Cases cited6 opinions
- Monarch Cap Screw & Mfg. Co. v. CommissionerUnited States Tax Court · 1945
- 7-Up Ft. Worth Co. v. CommissionerUnited States Tax Court · 1947
- Ray Campbell, Wise & Wright, Inc. v. CommissionerUnited States Tax Court · 1950
- Clinton Carpet Co. v. CommissionerUnited States Tax Court · 1950
- El Campo Rice Milling Co. v. CommissionerUnited States Tax Court · 1949
1 more not listed; retrieve them via the Exa API.
3Cited by44 opinions
- Avey Drilling Machine Co. v. CommissionerUnited States Tax Court · 1951
- Granite Constr. Co. v. CommissionerUnited States Tax Court · 1952
- Toledo Stove & Range Co. v. CommissionerUnited States Tax Court · 1951
- A. B. Frank Co. v. CommissionerUnited States Tax Court · 1952
- Ainsworth Mfg. Corp. v. CommissionerUnited States Tax Court · 1954
39 more not listed; retrieve them via the Exa API.