Kimble Glass Co. v. Commissioner
United States Tax Court
1. Held, Kimble Glass meets the requirements of section 435(e) (1)(B), 1939 Code, and is entitled to compute its average base period net income under section 435(e)(2). 2. Held, Kimble Glass satisfies the requirements of section 433 (b)(18), so that in determining its excess profits net income for 1948 and 1949, it is entitled to exclude losses which it realized from its Kaylo products business. 3. Held, in computing excess profits credit of Owens-Illinois there should be…
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1. Held, Kimble Glass meets the requirements of section 435(e) (1)(B), 1939 Code, and is entitled to compute its average base period net income under section 435(e)(2). 2. Held, Kimble Glass satisfies the requirements of section 433 (b)(18), so that in determining its excess profits net income for 1948 and 1949, it is entitled to exclude losses which it realized from its Kaylo products business. 3. Held, in computing excess profits credit of Owens-Illinois there should be excluded Kaylo losses realized by or allocated under part II to Kimble Glass, and there should be included profits of the…
1Opinion of the Court
OPINION.
HakRon, Judge:
In the case of Kimble Glass, the basic issue relates to the determination of the amount of its excess profits credit for the years 1950 and 1951. In the case of Owens-Illinois, there are two primary issues, (1) the amount of its excess profits credit for the year 1951, and (2) the amount of the percentage depletion allowance for the mining of feldspar, under sections 23 (m) and 114(b)(4), for which deduction is allowable. Consideration is given first to the excess profits credits issues.
The contentions of the petitioners are as follows: Kimble Glass claims that it…
2Cases cited13 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Fawcus MacHine Co. v. United StatesSupreme Court of the United States · 1931
- Helvering v. CanfieldSupreme Court of the United States · 1934
- Commissioner of Internal Revenue v. Pacific Affiliate, Inc., a Corporation, Pacific Affiliate, Inc., a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- Mathis v. CommissionerUnited States Tax Court · 1953
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3Cited by5 opinions
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- E. I. Dupont De Nemours and Company v. The United StatesUnited States Court of Claims · 1965
- Kimble Glass Co. v. CommissionerUnited States Tax Court · 1961
- Wright Contracting Co. v. CommissionerUnited States Tax Court · 1961