Wadley Co. v. Commissioner
United States Tax Court
Petitioner is engaged in the poultry, egg, and creamery business. Held, the petitioner has failed to establish that its excess profits tax for the years 1941-1944, computed without the benefit of section 722, I. R. C., was excessive and discriminatory because of any of the factors set forth in subsections (b) (2), (b) (3) (B), and (b) (5).
1Opinion of the Court
OPINION.
Raum, Judge:
It is true that petitioner’s average base period net income was lower than its average net income for preceding years; but that fact alone does not entitle it to relief under section 722. Trunz, Inc., 15 T. C. 99, 108. It must go further and show that it comes within one of the provisions of section 722, and petitioner -does contend that its average base period net income is an inadequate standard of normal earnings by reason of one or more of the factors set forth in subsections (b) (2), (b) (3) (B), and (b) (5). Pertinent provisions of section 722 are set forth in the…
2Cases cited5 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- Monarch Cap Screw & Mfg. Co. v. CommissionerUnited States Tax Court · 1945
- Blum Folding Paper Box Co. v. CommissionerUnited States Tax Court · 1945
- Harlan Bourbon & Wine Co. v. CommissionerUnited States Tax Court · 1950
- Trunz, Inc. v. CommissionerUnited States Tax Court · 1950
3Cited by43 opinions
- Brown Paper Mill Co. v. CommissionerUnited States Tax Court · 1954
- Texsun Supply Corp. v. CommissionerUnited States Tax Court · 1951
- Godfrey Food Co. v. CommissionerUnited States Tax Court · 1952
- Pelton & Crane Co. v. CommissionerUnited States Tax Court · 1953
- Springfield Tablet Mfg. Co. v. CommissionerUnited States Tax Court · 1954
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