Michigan Chemical Corp. v. Renegotiation Bd.
United States Tax Court
Renegotiation -- Exemption. -- Petitioner is a chemical company which in 1957 entered into a contract with the Atomic Energy Commission to process yttrium oxide from a cerain raw material supplied to petitioner by the AEC. In 1961, the Renegotiation Board determined that in the year 1957, petitioner realized excessive profits of $ 250,000 from this contract.
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Renegotiation -- Exemption. -- Petitioner is a chemical company which in 1957 entered into a contract with the Atomic Energy Commission to process yttrium oxide from a cerain raw material supplied to petitioner by the AEC. In 1961, the Renegotiation Board determined that in the year 1957, petitioner realized excessive profits of $ 250,000 from this contract. Held: 1. Petitioner's claim for exemption under sec. 106(a) (3), Renegotiation Act of 1951, is denied. 2. Petitioner realized excessive profits from its contract with the AEC in the sum of $ 250,000.
1Opinion of the Court
Michigan Chemical Corporation, Petitioner v. Renegotiation Board, Respondent
Michigan Chemical Corp. v. Renegotiation Bd.
Docket No. 1025-R.
United States Tax Court
49 T.C. 488; 1968 U.S. Tax Ct. LEXIS 178;
February 19, 1968, Filed
Renegotiation -- Exemption. -- Petitioner is a chemical company which in 1957 entered into a contract with the Atomic Energy Commission to process yttrium oxide from a cerain raw material supplied to petitioner by the AEC. In 1961, the Renegotiation Board determined that in the year 1957, petitioner realized excessive profits of $ 250,000 from this contract. Held:
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2Cases cited3 opinions
- Morgan Constr. Co. v. Secretary of WarUnited States Tax Court · 1948
- Lampton's Executors v. Preston's ExecutorsCourt of Appeals of Kentucky · 1829
- Michigan Chemical Corp. v. Renegotiation Bd.United States Tax Court · 1968