Ray Campbell, Wise & Wright, Inc. v. Commissioner
United States Tax Court
Where the petitioner did not show that its business was depressed during the base period by reason of conditions which generally prevailed in and produced depression throughout its industry during the base period, and did not prove that certain changes in business policy instituted at or about the year 1936 resulted in a higher level of normal earnings for its business, held, that petitioner failed to establish its eligibility for relief under the provisions of sections 722…
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Where the petitioner did not show that its business was depressed during the base period by reason of conditions which generally prevailed in and produced depression throughout its industry during the base period, and did not prove that certain changes in business policy instituted at or about the year 1936 resulted in a higher level of normal earnings for its business, held, that petitioner failed to establish its eligibility for relief under the provisions of sections 722 (b) (3) (B) and 722 (b) (4) of the Internal Revenue Code. Held, further, that to consider the conditions relied upon by…
1Opinion of the Court
OPINION.
Arundell, Judge:
Petitioner claims that its excess profits tax for the fiscal year ended July 31, 1943, imposed without the benefits of section 722 was excessive and discriminatory, entitling it to an excess profits credit based upon a constructive average base period net income as provided by section 722 (a).1 Petitioner alleges that its excess profits credit based on income was an inadequate standard of normal earnings because of the existence in its business during the base period of the events and conditions specified in sections 722 (b)(3)(B), 722 (b)(4), and 722 (b)(5) of the…
2Cases cited3 opinions
- Wisconsin Farmer Co. v. CommissionerUnited States Tax Court · 1950
- Pabst Air Conditioning Corp. v. CommissionerUnited States Tax Court · 1950
- El Campo Rice Milling Co. v. CommissionerUnited States Tax Court · 1949
3Cited by37 opinions
- Granite Constr. Co. v. CommissionerUnited States Tax Court · 1952
- Foskett & Bishop Co. v. CommissionerUnited States Tax Court · 1951
- Toledo Stove & Range Co. v. CommissionerUnited States Tax Court · 1951
- General Metalware Co. v. CommissionerUnited States Tax Court · 1951
- Jefferson Amusement Co. v. CommissionerUnited States Tax Court · 1952
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