Gus Blass Co. v. Commissioner
United States Tax Court
During the base period years, freight and purchase discounts were improperly excluded from inventories in reporting income for taxation purposes. Held, respondent did not err in making an adjustment by including freight and purchase discounts in opening and closing inventories in computing the excess profits credit applicable to the taxable years 1943, 1944, and 1945 and adjusting petitioner's excess profits tax under the provisions of section 734 of the Code.
1Opinion of the Court
OPINION.
Rice, Judge:
Respondent determined deficiencies in excess profits taxes for the taxable years ended January 31, 1943, 1944, and 1945, and a deficiency in declared value excess-profits tax for the taxable year ended January 31,1944, as follows:
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The sole issue is whether respondent used the proper opening and closing inventories in computing petitioner’s net income for the base period years for the purpose of determining its excess profits credit for the fiscal years ended January 31,1943,1944, and 1945.
All of the facts were stipulated, are so found, and are incorporated…
2Cases cited9 opinions
- Commissioner of Internal Revenue v. Mnookin's EstateCourt of Appeals for the Eighth Circuit · 1950
- Leonard Refineries, Inc. v. CommissionerUnited States Tax Court · 1948
- Mnookin v. CommissionerUnited States Tax Court · 1949
- Gus Blass Co. v. CommissionerUnited States Tax Court · 1947
- Commissioner of Internal Revenue v. SchuylerCourt of Appeals for the Second Circuit · 1952
4 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- D. Loveman & Son Export Corp. v. CommissionerUnited States Tax Court · 1960
- Bulova Watch Co. v. United StatesUnited States Court of Claims · 1958
- Gus Blass Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1953
- Transupport, Inc. v. Comm'rUnited States Tax Court · 2016
- Bulova Watch Co. v. United StatesUnited States Court of Claims · 1958
2 more not listed; retrieve them via the Exa API.