Connecticut Marine Boiler Works v. Secretary Maritime Com.
United States Tax Court
1. Held, that renegotiation of petitioner's war contracts completed during its fiscal year ended December 31, 1942, was commenced within one year thereafter within the meaning of section 403 (c) (6) of the Renegotiation Act of 1942. 2. Held, that the portion of petitioner's gross sales for 1942 which was received from subcontracts not completed until 1943 was part of petitioner's renegotiable business for 1942. 3. Reasonable compensation for petitioner's two officers in 1942…
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1. Held, that renegotiation of petitioner's war contracts completed during its fiscal year ended December 31, 1942, was commenced within one year thereafter within the meaning of section 403 (c) (6) of the Renegotiation Act of 1942. 2. Held, that the portion of petitioner's gross sales for 1942 which was received from subcontracts not completed until 1943 was part of petitioner's renegotiable business for 1942. 3. Reasonable compensation for petitioner's two officers in 1942 determined. 4. The amount of excessive profits realized by petitioner in 1942 determined.
1Opinion of the Court
Connecticut Marine Boiler Works, Petitioner, v. Secretary (Chairman) Maritime Commission, Respondent
Connecticut Marine Boiler Works v. Secretary Maritime Com.
Docket No. 447-R
United States Tax Court
16 T.C. 339; 1951 U.S. Tax Ct. LEXIS 281;
February 15, 1951, Promulgated
1. Held, that renegotiation of petitioner's war contracts completed during its fiscal year ended December 31, 1942, was commenced within one year thereafter within the meaning of section 403 (c) (6) of the Renegotiation Act of 1942.
2. Held, that the portion of petitioner's gross sales for 1942 which was received from subcontracts…
2Cases cited1 opinion
- Connecticut Marine Boiler Works v. Secretary Maritime Com.United States Tax Court · 1951