Kimble Glass Co. v. Commissioner
United States Tax Court
1. Held, Kimble Glass meets the requirements of section 435(e) (1)(B), 1939 Code, and is entitled to compute its average base period net income under section 435(e)(2). 2. Held, Kimble Glass satisfies the requirements of section 433 (b)(18), so that in determining its excess profits net income for 1948 and 1949, it is entitled to exclude losses which it realized from its Kaylo products business. 3. Held, in computing excess profits credit of Owens-Illinois there should be…
Read the full summary
1. Held, Kimble Glass meets the requirements of section 435(e) (1)(B), 1939 Code, and is entitled to compute its average base period net income under section 435(e)(2). 2. Held, Kimble Glass satisfies the requirements of section 433 (b)(18), so that in determining its excess profits net income for 1948 and 1949, it is entitled to exclude losses which it realized from its Kaylo products business. 3. Held, in computing excess profits credit of Owens-Illinois there should be excluded Kaylo losses realized by or allocated under part II to Kimble Glass, and there should be included profits of the…
1Opinion of the Court
Kimble Glass Company and Owens-Illinois Glass Company, Petitioners, v. Commissioner of Internal Revenue, Respondent
Kimble Glass Co. v. Commissioner
Docket Nos. 59484, 64203
United States Tax Court
35 T.C. 1238; 1961 U.S. Tax Ct. LEXIS 193;
March 31, 1961, Filed
Decisions will be entered under Rule 50.
1. Held, Kimble Glass meets the requirements of section 435(e) (1)(B), 1939 Code, and is entitled to compute its average base period net income under section 435(e)(2).
2. Held, Kimble Glass satisfies the requirements of section 433 (b)(18), so that in determining its excess profits net income for 1948…
2Cases cited14 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Fawcus MacHine Co. v. United StatesSupreme Court of the United States · 1931
- Helvering v. CanfieldSupreme Court of the United States · 1934
- Commissioner of Internal Revenue v. Pacific Affiliate, Inc., a Corporation, Pacific Affiliate, Inc., a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- Mathis v. CommissionerUnited States Tax Court · 1953
9 more not listed; retrieve them via the Exa API.