D. L. Auld Co. v. Commissioner
United States Tax Court
1. Held: Petitioner has not shown that its average base period net income but for a strike would have resulted in an excess profits credit greater than that computed on the basis of invested capital which was allowed by respondent. 2. Held: The tax computed without the benefit of section 722 (b) (1), I. R. C., is not shown to be excessive and discriminatory.
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The only issue present in this proceeding is whether or not the petitioner is entitled to excess profits tax relief under section 722 (b) (1) of the Internal Revenue Code.1 The petitioner corporation sustained a loss in each of the fiscal years ending in June of 1937, 1988, 1939, and 1940 which constitute the statutory base period.2 The average base period net income being zero, the corporation, which had existed since 1906, elected to compute its excess profits credit based on invested capital.3 The excess profits credits so computed were $38,902.10, $46,550.44, and…
2Cases cited3 opinions
- Monarch Cap Screw & Mfg. Co. v. CommissionerUnited States Tax Court · 1945
- Harlan Bourbon & Wine Co. v. CommissionerUnited States Tax Court · 1950
- Monarch Mfg. Co. v. CommissionerUnited States Tax Court · 1950
3Cited by16 opinions
- Granite Constr. Co. v. CommissionerUnited States Tax Court · 1952
- Triangle Raincoat Co. v. CommissionerUnited States Tax Court · 1952
- Pelton & Crane Co. v. CommissionerUnited States Tax Court · 1953
- Fulton Foundry & Machine Co. v. CommissionerUnited States Tax Court · 1956
- Oxford Paper Company v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
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