Virginia Stevedoring Corp. v. Commissioner
United States Tax Court
Since petitioner did not acquire before December 1, 1950, substantially all the properties (other than cash) of three other corporations here involved, it is held that petitioner is not a "purchasing corporation" within the meaning of section 474 (a) of the Internal Revenue Code of 1939, and is, therefore, not entitled to use the base period experience of the said three corporations in computing its excess profits credits for the years in question.
1Opinion of the Court
Ajrundell, Judge: Respondent determined deficiencies in income tax in these consolidated proceedings as follows:
DocToet No. Taxable year ending— Deficiency
61343 — Feb. 29, 1962_$78, 811.49
68831 — Feb. 28, 1953_ 7,084.20
68831 — Feb. 28, 1964_ 16,308. 96
The issues are: (1) Whether the respondent erred in determining that petitioner was not entitled to the benefits of section 474 of the Internal Revenue Code of 1939 for each of the taxable years in question, and (2) whether the respondent erred in computing the adjusted excess profits tax net income of petitioner for the taxable year ended…
2Cases cited4 opinions
- Daniels Buick, Inc. v. CommissionerUnited States Tax Court · 1956
- Daniels Buick, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
- Pillar Rock Packing Co. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1937
- Crater Lake Machinery Co. v. CommissionerUnited States Tax Court · 1957
3Cited by2 opinions
- Virginia Stevedoring Corp. v. CommissionerUnited States Tax Court · 1958
- Virginia Stevedoring Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1959