Merrimac Hat Corp. v. Commissioner
United States Tax Court
Section 3807, 1939 Code: Respondent allowed excess profits tax relief under section 722 for 1942 which resulted in decrease of excess profits net income and excess profits tax, and overpayment of tax in the gross amount of $ 64,366.21, of which $ 17,070.45 was refundable under sections 729(a) and 322(b). Section 3807 permitted respondent's adjustment of the 1942 income tax otherwise barred by section 275 but made necessary by the change in the related excess profits tax.
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Section 3807, 1939 Code: Respondent allowed excess profits tax relief under section 722 for 1942 which resulted in decrease of excess profits net income and excess profits tax, and overpayment of tax in the gross amount of $ 64,366.21, of which $ 17,070.45 was refundable under sections 729(a) and 322(b). Section 3807 permitted respondent's adjustment of the 1942 income tax otherwise barred by section 275 but made necessary by the change in the related excess profits tax. Under such adjustment there was an income tax deficiency of $ 31,785.78, which was less than the gross amount of the…
1Opinion of the Court
OPINION.
Haeron, Judge:
The petitioner, a Massachusetts corporation having its office in Amesbury, Massachusetts, filed its excess profits tax return and its income tax return for 1942 with the collector of internal revenue for the district of Massachusetts.
Under section 3807, 1939 Code, the respondent determined that there is an income tax deficiency for 1942 in the amount of $8,429.85, to be assessed, out of a total deficiency of $31,785.78.
The petitioner contends that there is no income tax deficiency to be assessed because it overpaid excess profits tax for 1942 in the gross amount of…
2Cases cited3 opinions
- Ambassador Hotel Co. v. CommissionerUnited States Tax Court · 1959
- Morrisdale Coal Mining Co. v. CommissionerUnited States Tax Court · 1953
- Pine Hill Crystal Spring Water Co. v. United StatesDistrict Court, S.D. New York · 1954
3Cited by2 opinions
- Ambassador Hotel Company of Los Angeles, a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1960
- Merrimac Hat Corp. v. CommissionerUnited States Tax Court · 1959