Robinson Terminal Warehouse Corp. v. Commissioner
United States Tax Court
Petitioner filed applications for relief under section 722 of the Internal Revenue Code based on section 722 (b) (4) and (b) (5). The factors relied upon under section 722 (b) (4) are (1) a change in the character of the business consummated after December 31, 1939, as a result of a course of action to which it was committed prior to January 1, 1940; (2) a change in the character of the business during the base period, specifically, a difference in the capacity for…
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Petitioner filed applications for relief under section 722 of the Internal Revenue Code based on section 722 (b) (4) and (b) (5). The factors relied upon under section 722 (b) (4) are (1) a change in the character of the business consummated after December 31, 1939, as a result of a course of action to which it was committed prior to January 1, 1940; (2) a change in the character of the business during the base period, specifically, a difference in the capacity for operation; or (3) commencement of business in the base period. Held, fair and just amount representing average base period net…
1Opinion of the Court
OPINION.
Withey, Judge:
Petitioner seeks relief as provided in section 722 of the Internal Revenue Code in regard to its excess profits taxes for the fiscal years ending June 30, 1944, 1945, and 1946.
Petitioner contends it qualifies for relief under section 722 (a) and (b) (4)1 by reason of the following facts: (1) that a change in the character of the business was consummated after December 31, 1939, as a result of a course of action to which it was committed prior to January 1, 1940; (2) that there was a change in the character of the business during the base period, specifically, a…
2Cases cited1 opinion
- National Grinding Wheel Co. v. CommissionerUnited States Tax Court · 1947
3Cited by13 opinions
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- Simplicity Mfg. Co. v. CommissionerUnited States Tax Court · 1960
- Central Bag Co. v. CommissionerUnited States Tax Court · 1956
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