Monarch Cap Screw & Mfg. Co. v. Commissioner
United States Tax Court
Commissioner's denial of application for excess profits tax relief under section 722 sustained where the evidence fails to show that the excess profits tax complained of is excessive and discriminatory and that the average base period net income is an inadequate standard of normal earnings.
1Opinion of the Court
OPINION.
Smith, Judge:
Our only question in this proceeding is whether the respondent erred in disallowing petitioner’s application for excess profits tax relief under section 722. The pertinent provisions of the statute are as follows:
SEC. 7 2 2. GENERAL RELIEF — CONSTRUCTIVE AVERAGE BASE PERIOD NET INCOME.(a) General Rule. — In any case in which the taxpayer establishes that the tax computed under this subchapter (without the benefit of this section) results in an excessive and discriminatory tax and establishes what would be a fair and just amount representing normal earnings to be used as a…
2Cases cited1 opinion
- Blum Folding Paper Box Co. v. CommissionerUnited States Tax Court · 1945
3Cited by104 opinions
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- Granite Constr. Co. v. CommissionerUnited States Tax Court · 1952
- Harlan Bourbon & Wine Co. v. CommissionerUnited States Tax Court · 1950
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