West Constr. Co. v. Commissioner
United States Tax Court
Advance payments made to petitioner by War Department, pursuant to terms of construction contracts and not evidenced by formal bond, note, mortgage, etc., held, not borrowed invested capital for excess profits tax computation under Internal Revenue Code, section 719.
1Opinion of the Court
OPINION.
OppeR, Judge-.
Laying aside other statutory conditions, this petitioner can not succeed unless the “indebtedness” it ran up in favor of the Government was evidenced by a “bond, note, bill of exchange, debenture, certificate of indebtedness, mortgage, or deed of trust.” Only such debts are permissible inclusions to any extent in “equity invested capital” for excess profits tax purposes.1
When petitioner, working on War Department contracts, was granted credits by the Government in excess of amounts presently due it under the contracts, it executed no document technically answering to the…
2Cases cited4 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Economy Sav. & Loan Co. v. CommissionerUnited States Tax Court · 1945
- Journal Publishing Co. v. CommissionerUnited States Tax Court · 1944
- Flint Nortown Theatre Co. v. CommissionerUnited States Tax Court · 1945
3Cited by36 opinions
- Hart-Bartlett-Sturtevant Grain Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1950
- Ames Trust & Sav. Bank v. CommissionerUnited States Tax Court · 1949
- National Bank of Commerce v. CommissionerUnited States Tax Court · 1951
- Emeloid Co. v. CommissionerUnited States Tax Court · 1950
- Crean Bros., Inc. v. CommissionerUnited States Tax Court · 1950
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