H. O. Boehme, Inc. v. Commissioner
United States Tax Court
Held, since all of the factors necessary to a determination of the amount of the credit on petitioner's franchise tax provided by applicable New York law based on its 1943 net income became known within its tax year 1944 and not prior thereto, and since it kept its books on an accrual basis, the amount of such credit was includible in its taxable income for 1944. Also held, that since all of the factors necessary to a determination of the credit or refund of New York…
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Held, since all of the factors necessary to a determination of the amount of the credit on petitioner's franchise tax provided by applicable New York law based on its 1943 net income became known within its tax year 1944 and not prior thereto, and since it kept its books on an accrual basis, the amount of such credit was includible in its taxable income for 1944. Also held, that since all of the factors necessary to a determination of the credit or refund of New York franchise tax based on its 1944 net income became known in the year 1945 and not prior thereto, the amount of such credit or…
1Opinion of the Court
OPINION.
Hill, Judge:
The question for decision is more easily stated with a background of certain basic facts, which are outlined in some detail in our findings.
In 1945 petitioner received a refund of New York franchise taxes in the amount of $13,600.38. Such refund was based upon a New York statute enacted in 1945 which provided that where the war contracts of a taxpayer were renegotiated and excessive profits determined the franchise tax of such taxpayer was to be recomputed by allowing a deduction for the amount of excessive profits repaid by the taxpayer in determining its entire net…
2Cases cited6 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Continental Tie & Lumber Co. v. United StatesSupreme Court of the United States · 1932
- ACF-Brill Motors Co. v. CommissionerUnited States Tax Court · 1950
1 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Budd Co. v. United StatesDistrict Court, E.D. Pennsylvania · 1957
- Doyle, Dane, Bernbach, Inc. v. CommissionerUnited States Tax Court · 1982
- Doyle, Dane, Bernbach, Inc. v. CommissionerUnited States Tax Court · 1982
- H. O. Boehme, Inc. v. CommissionerUnited States Tax Court · 1950