A B C Brewing Corp. v. Commissioner
United States Tax Court
1. Carry-back of unused excess profits tax credits for 1945 and 1946 denied where petitioner distributed its operating assets and was de facto dissolved in 1944. 2. In the computation of average base period net income under the growth formula of section 713 (f), respondent correctly applied the limitations imposed by subsection (f) (7), in addition to those imposed by subsection (f) (6), limiting the benefits from the application of the growth formula to the increase in base…
Read the full summary
1. Carry-back of unused excess profits tax credits for 1945 and 1946 denied where petitioner distributed its operating assets and was de facto dissolved in 1944. 2. In the computation of average base period net income under the growth formula of section 713 (f), respondent correctly applied the limitations imposed by subsection (f) (7), in addition to those imposed by subsection (f) (6), limiting the benefits from the application of the growth formula to the increase in base period earnings occurring prior to June 1, 1940. 3. In adjusting excess profits credit under section 713 (g) (4),…
1Opinion of the Court
OPINION.
LeMire, Judge:
The issues will be discussed in the order in which they are set out above.
Issue 1: Carry-back of Unused Excess Profits Credits for 1945 and 1946.
The question presented in this issue is whethér the unused excess profits credits for the years 1945 and 1946, after petitioner had ceased operations and had distributed all of its assets except cash and U. S. Treasury obligations, may be carried back under the provisions of section 710 (c) (3) (B), Internal Revenue Code, to the prior years 1943 and 1944. Respondent contends that petitioner was de facto dissolved in 1944, citing…
2Cases cited14 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- Stern Bros. & Co. v. CommissionerUnited States Tax Court · 1951
- Avey Drilling Machine Co. v. CommissionerUnited States Tax Court · 1951
- East Texas Motor Freight Lines v. CommissionerUnited States Tax Court · 1946
- Wier Long Leaf Lumber Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1949
9 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Joseph Weidenhoff, Inc. v. CommissionerUnited States Tax Court · 1959
- A B C Brewing Corporation (Formerly Aztec Brewing Co.), a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- Charis Corp. v. CommissionerUnited States Tax Court · 1954
- Davenport Hosiery Mills, Inc. v. CommissionerUnited States Tax Court · 1957
- Wheeler Insulated Wire Co. v. CommissionerUnited States Tax Court · 1954
19 more not listed; retrieve them via the Exa API.