Leonard Refineries, Inc. v. Commissioner
United States Tax Court
For the purpose of determining its excess profits tax liability for the taxable years 1943 and 1944 petitioner elected to compute its excess profits credit under section 713 of the Internal Revenue Code.
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For the purpose of determining its excess profits tax liability for the taxable years 1943 and 1944 petitioner elected to compute its excess profits credit under section 713 of the Internal Revenue Code. By virtue of section 713 (f) (6) the amount of petitioner's average base period net income is limited to its excess profits net income for 1940. In ascertaining its excess profits credit petitioner seeks to correct the net income it reported in 1940 by eliminating that part of the depreciation deduction alleged to be excessive. Upon the facts, held, that the depreciation taken on certain…
1Opinion of the Court
OPINION.
Hill, Judge:
The ultimate issue in this proceeding is the excess profits tax liability of petitioner for its fiscal years 1943 and 1944. In determining this liability we must decide the excess profits credit and the unused excess profits credit adjustment to which petitioner is entitled. Under the terms of section 712 of the Internal Revenue Code petitioner elected to use the average base period net income method to determine its excess profits credit. Both parties agree that the provisions of section 713 (f) (6)1 govern petitioner’s average base period net income, and as a consequence…
2Cases cited3 opinions
- Zellerbach Paper Co. v. CommissionerUnited States Tax Court · 1947
- Carithers-Wallace-Courtenay v. CommissionerUnited States Tax Court · 1945
- Rosemary Mfg. Co. v. CommissionerUnited States Tax Court · 1947
3Cited by54 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Westinghouse Broadcasting Co. v. CommissionerUnited States Tax Court · 1961
- Gleis v. CommissionerUnited States Tax Court · 1955
- Nachman v. CommissionerUnited States Tax Court · 1949
- Brown Paper Mill Co. v. CommissionerUnited States Tax Court · 1954
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