Norfolk & Chesapeake Coal Co. v. Commissioner
United States Tax Court
Petitioner seeks excess profits tax relief under section 722, Internal Revenue Code, subparagraphs (2) and (5) of subsection (b). It is engaged in mining and selling bituminous coal. Its base period net income was larger than its net income for any preceding four consecutive fiscal years. Held: petitioner is not entitled to relief as it has not established that its average base period net income is an inadequate standard of normal earnings.
1Opinion of the Court
Norfolk and Chesapeake Coal Company, a West Virginia Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Norfolk & Chesapeake Coal Co. v. Commissioner
Docket No. 23310
United States Tax Court
18 T.C. 904; 1952 U.S. Tax Ct. LEXIS 117;
August 26, 1952, Promulgated
Decision will be entered for the respondent.
Petitioner seeks excess profits tax relief under section 722, Internal Revenue Code, subparagraphs (2) and (5) of subsection (b). It is engaged in mining and selling bituminous coal. Its base period net income was larger than its net income for any preceding four consecutive…
2Cases cited12 opinions
- A. L. A. Schechter Poultry Corp. v. United StatesSupreme Court of the United States · 1935
- Sunshine Anthracite Coal Co. v. AdkinsSupreme Court of the United States · 1940
- Carter v. Carter Coal Co.Supreme Court of the United States · 1936
- Appalachian Coals, Inc. v. United StatesSupreme Court of the United States · 1933
- Monarch Cap Screw & Mfg. Co. v. CommissionerUnited States Tax Court · 1945
7 more not listed; retrieve them via the Exa API.