Primas Groves, Inc. v. Commissioner
United States Tax Court
Petitioner, not having established portion of 1943 abnormal income from citrus fruit orchards which was attributable to other years, or that such abnormal income was not attributable to increased demand, higher prices and improvement in business, held not entitled to excess profits tax relief under section 721 (a) (2) (C).
1Opinion of the Court
OPINION.
Kern, Judge:
Even if we assume that petitioner has shown under section 721 of the Internal Revenue Code a class of abnormal income 2 and the amount of its net abnormal income,3 cf. Geyer, Cornell & Newell, Inc., 6 T. C. 96, we believe that petitioner can not prevail, for in our view no part of such assumed net abnormal income can be said to be attributed to years other than fiscal 1943. It is established that “the mere fact that a taxpayer has net abnormal income in a taxable year does not entitle it to relief under section 721. There must be a further finding under the evidence as to…
2Cases cited10 opinions
- Geyer, Cornell & Newell, Inc. v. CommissionerUnited States Tax Court · 1946
- W. B. Knight Machinery Co. v. CommissionerUnited States Tax Court · 1946
- Soabar Co. v. CommissionerUnited States Tax Court · 1946
- Ramsey Accessories Mfg. Corp. v. CommissionerUnited States Tax Court · 1948
- Premier Products Co. v. CommissionerUnited States Tax Court · 1943
5 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Graves Bros. Co. v. CommissionerUnited States Tax Court · 1952
- Powell-Hackney Grocery Co. v. CommissionerUnited States Tax Court · 1952
- Sprague Electric Co. v. CommissionerUnited States Tax Court · 1961
- Breeze Corps. v. CommissionerUnited States Tax Court · 1951
- Dr. P. Phillips & Son, Inc. v. CommissionerUnited States Tax Court · 1953
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