Winter & Co. v. Commissioner
United States Tax Court
Petitioner claims error in the determination of deficiencies in income and excess profits taxes for its fiscal year 1942 and claims, under authority of section 710 (c) (3) (A) of the code, the right to carry back to that year an unused excess profits credit for each of its fiscal years 1943 and 1944. It also claims a net operating loss for 1944 which it claims the right to carry back to 1942. The result of such carry-backs, if allowed, would be overpayments of income and…
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Petitioner claims error in the determination of deficiencies in income and excess profits taxes for its fiscal year 1942 and claims, under authority of section 710 (c) (3) (A) of the code, the right to carry back to that year an unused excess profits credit for each of its fiscal years 1943 and 1944. It also claims a net operating loss for 1944 which it claims the right to carry back to 1942. The result of such carry-backs, if allowed, would be overpayments of income and excess profits taxes for 1942. Petitioner's excess profits credit was computed on its average base period net income.…
1Opinion of the Court
OPINION.
Hill, Judge:
The questions for determination as stated at the beginning of this report will be taken up in the order stated. The first question is, Did petitioner have an unused excess profits credit for its fiscal year ended January 31,1943?
If it had such credit it is entitled under section 710 (c) (3) (A) of the Internal Revenue Code1 to carry it back to its tax year 1942. Petitioner contends that it had such credit in the amount of $19,252.32.
Respondent contends that, because petitioner had disposed of its assets and ceased all operations before May 1, 1942, and earned no income…
Also in this document: Dissent.
2Cases cited3 opinions
- Rite-Way Products, Inc. v. CommissionerUnited States Tax Court · 1949
- Kamin Chevrolet Co. v. CommissionerUnited States Tax Court · 1944
- Union Bus Terminal, Inc. v. CommissionerUnited States Tax Court · 1949
3Cited by25 opinions
- Standard Paving Co. v. CommissionerUnited States Tax Court · 1949
- Joseph Weidenhoff, Inc. v. CommissionerUnited States Tax Court · 1959
- Diamond A Cattle Co. v. CommissionerUnited States Tax Court · 1953
- A B C Brewing Corporation (Formerly Aztec Brewing Co.), a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- A B C Brewing Corp. v. CommissionerUnited States Tax Court · 1953
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