Park Sherman Co. v. United States
United States Tax Court
1. Petitioners' profits from sales pursuant to contracts with the War Department, held, renegotiable although items purchased by said Department were intended for resale, and said Department expected reimbursement from nonappropriated funds of resale agencies for amounts paid under said contract from funds appropriated by Congress. 2. Profits from sales pursuant to contracts with the War and Navy Departments, held, renegotiable although exact quantities were not quoted,…
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1. Petitioners' profits from sales pursuant to contracts with the War Department, held, renegotiable although items purchased by said Department were intended for resale, and said Department expected reimbursement from nonappropriated funds of resale agencies for amounts paid under said contract from funds appropriated by Congress. 2. Profits from sales pursuant to contracts with the War and Navy Departments, held, renegotiable although exact quantities were not quoted, orders to be based on needs, United States v. Purcell Envelope Co., 249 U.S. 313, and billing and payment to be accomplished…
1Opinion of the Court
Fisher, Judge:
The War Contracts Price Adjustment Board determined that petitioners had the following excessive profits from certain contracts subject to renegotiation:
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By motions duly granted, the United States was substituted for the War Contracts Price Adjustment Board as respondent in each of the three proceedings which were then consolidated. The principal issue is whether petitioners had sales subject to renegotiation during the fiscal years involved. If decided affirmatively, a further issue to be decided is whether petitioners realized excessive profits on those sales in…
2Cases cited7 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Norwegian Nitrogen Products Co. v. United StatesSupreme Court of the United States · 1933
- Willard, Sutherland & Co. v. United StatesSupreme Court of the United States · 1923
- United States v. Purcell Envelope Co.Supreme Court of the United States · 1919
- Rosner v. War Contracts Price Adjustment BoardUnited States Tax Court · 1951
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Greenland Contractors v. Renegotiation BoardUnited States Tax Court · 1970
- Greenland Contractors v. Renegotiation BoardUnited States Tax Court · 1970
- Park Sherman Co. v. United StatesUnited States Tax Court · 1957