Dow Jones & Co. v. Commissioner
United States Tax Court
Sec. 722, I.R.C. 1939. -- Where the taxpayer enjoyed a period of abnormally high earnings and then suffered a depressed level of earnings which began at a time several years prior to and thus remotely related to the base period and such condition continued on during that period because of a chain of events and circumstances which were of prolonged duration throughout the 1930's and not of a temporary nature, held, that the business of the taxpayer was not depressed in the…
Read the full summary
Sec. 722, I.R.C. 1939. -- Where the taxpayer enjoyed a period of abnormally high earnings and then suffered a depressed level of earnings which began at a time several years prior to and thus remotely related to the base period and such condition continued on during that period because of a chain of events and circumstances which were of prolonged duration throughout the 1930's and not of a temporary nature, held, that the business of the taxpayer was not depressed in the base period because of temporary economic circumstances unusual in the case of such taxpayer, within the meaning of…
1Opinion of the Court
OPINION
Section 722 of the Internal Revenue Code of 1939,4 as amended, provides under subsection (a) the general rule that in any case in which a taxpayer establishes that its excess profits tax (computed without the benefit of that section) is excessive and discriminatory and further establishes what would be a fair and just amount representing normal earnings to be used as a constructive average base period net income for the purposes of an excess profits tax, the tax shall be determined by using such cabpni in lieu of the average base period net income otherwise determined. Section 722…
2Cases cited17 opinions
- Monarch Cap Screw & Mfg. Co. v. CommissionerUnited States Tax Court · 1945
- Harlan Bourbon & Wine Co. v. CommissionerUnited States Tax Court · 1950
- Trunz, Inc. v. CommissionerUnited States Tax Court · 1950
- Toledo Stove & Range Co. v. CommissionerUnited States Tax Court · 1951
- Pabst Air Conditioning Corp. v. CommissionerUnited States Tax Court · 1950
12 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Dow Jones & Co. v. CommissionerUnited States Tax Court · 1963