Asheville Mica Co. v. Commissioner
United States Tax Court
Inflated accounts receivable due to petitioner from three related corporations to which petitioner was at the same time indebted in amounts exceeding the receivables, held, not includible in petitioner's "total assets" as of December 31, 1949, for purpose of computing its substituted average base period net income under section 444, I.R.C. 1939, in determining its excess profits credit.
1Opinion of the Court
Asheville Mica Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Asheville Mica Co. v. Commissioner
Docket No. 67351
United States Tax Court
34 T.C. 664; 1960 U.S. Tax Ct. LEXIS 112;
June 30, 1960, Filed
Decision will be entered under Rule 50.
Inflated accounts receivable due to petitioner from three related corporations to which petitioner was at the same time indebted in amounts exceeding the receivables, held, not includible in petitioner's "total assets" as of December 31, 1949, for purpose of computing its substituted average base period net income under section 444, I.R.C.…
2Cases cited4 opinions
- Hart-Bartlett-Sturtevant Grain Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1950
- West Constr. Co. v. CommissionerUnited States Tax Court · 1946
- Adams Brothers Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1955
- Asheville Mica Co. v. CommissionerUnited States Tax Court · 1960