Lowell Wool By-Products Co. v. War Contracts Price Adjustment Board
United States Tax Court
The petitioner is a limited partnership, with two general partners with power of control over the business, and five limited partners with power to dissolve the partnership at any time.
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The petitioner is a limited partnership, with two general partners with power of control over the business, and five limited partners with power to dissolve the partnership at any time. During the fiscal year ending December 31, 1943, the petitioner had renegotiable sales of less than $ 500,000, but four of its limited partners were members, as wives, mother, and son-in-law, of three families which comprised the controlling ownership and directorship of Nichols, a corporation which had renegotiable sales exceeding $ 500,000, and the fifth limited partner was the wife of the…
1Opinion of the Court
Lowell Wool By-Products Company, Petitioner, v. War Contracts Price Adjustment Board, Respondent
Lowell Wool By-Products Co. v. War Contracts Price Adjustment Board
Docket No. 375-R
United States Tax Court
14 T.C. 1398; 1950 U.S. Tax Ct. LEXIS 137;
June 30, 1950, Promulgated
An order will be entered, accordingly, that the petitioner's renegotiable profits in 1943 were excessive in the principal amount (before any adjustment for State taxes measured by income) of $ 15,000.
The petitioner is a limited partnership, with two general partners with power of control over the business, and five limited…
2Cases cited1 opinion
- Lowell Wool By-Products Co. v. War Contracts Price Adjustment BoardUnited States Tax Court · 1950