Differential Steel Car Co. v. Comm'r
United States Tax Court
1. Income -- Abnormal. -- Whether profit realized by petitioner from sale of equipment manufactured to order of one customer but sold to another customer was "abnormal income" within the meaning of section 721 (a) (1) or ( 2), Internal Revenue Code, not decided, but even if it were "abnormal income," held no part of it was attributable to other years, under section 721 (b). Id. -- Capital Gain. -- Held, further, that the gain resulted from a sale of capital assets held for…
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1. Income -- Abnormal. -- Whether profit realized by petitioner from sale of equipment manufactured to order of one customer but sold to another customer was "abnormal income" within the meaning of section 721 (a) (1) or ( 2), Internal Revenue Code, not decided, but even if it were "abnormal income," held no part of it was attributable to other years, under section 721 (b). Id. -- Capital Gain. -- Held, further, that the gain resulted from a sale of capital assets held for more than 6 months, section 117 (j). 2. Equity Invested Capital. -- Claimed increases in equity invested capital held…
1Opinion of the Court
FINDINGS OF FACT AND OPINION.
Tietjens, Judge:
This case involves the following tax deficiencies asserted against petitioner:
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Several issues have been conceded and will be reflected in Rule 50 computation. The following issues remain for disposition:(1) Whether the amount of $8,582.92 received by petitioner in 1943 as'profit on the sale of certain equipment was (a) ordinary income as treated by respondent, or, as contended by petitioner, either (b) abnormal income within section 721 of the Internal Rvenue Code, or (c) long term capital gain within section 117 (j);(2) Whether…
2Cases cited6 opinions
- Brown Shoe Co. v. CommissionerSupreme Court of the United States · 1950
- Hazard v. CommissionerUnited States Tax Court · 1946
- Geyer, Cornell & Newell, Inc. v. CommissionerUnited States Tax Court · 1946
- Thomas Flexible Coupling Co. v. CommissionerUnited States Tax Court · 1950
- Douglas Hotel Co. v. CommissionerUnited States Tax Court · 1950
1 more not listed; retrieve them via the Exa API.
3Cited by32 opinions
- Wood v. CommissionerUnited States Tax Court · 1955
- American Can Co. v. CommissionerUnited States Tax Court · 1961
- Philber Equip. Corp. v. Comm'rUnited States Tax Court · 1955
- R. T. French Co. v. CommissionerUnited States Tax Court · 1973
- Merritt v. CommissionerUnited States Tax Court · 1962
27 more not listed; retrieve them via the Exa API.