Blaisdell Pencil Co. v. Commissioner
United States Tax Court
1. Held: Petitioner has not shown that its business was depressed by a temporary economic circumstance (a price war) during the base period within the meaning of section 722 (b) (2), I. R. C. 2. Held: The tax computed without the benefit of section 722 is not excessive and discriminatory, and, therefore, respondent did not err in denying relief.
1Opinion of the Court
OPINION.
Van Fossan, Judge:
Tbe petitioner contests tbe respondent’s disi allowance of its claim for relief under section 722 (b) (2) and (b) (4) of the Internal Revenue Code.1 Petitioner contends that its base period net income was not normal because its business was depressed in the base period due to a temporary economic circumstance — a price war — such as to warrant relief under section 722 (b) (2). Petitioner contends further that it should be entitled to relief under section 722 (b) (4), alleging that it was committed on January 1, 1940, to a change in the character of its business.…
2Cases cited2 opinions
- Lamar Creamery Co. v. CommissionerUnited States Tax Court · 1947
- Harlan Bourbon & Wine Co. v. CommissionerUnited States Tax Court · 1950
3Cited by16 opinions
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- Green Spring Dairy, Inc. v. CommissionerUnited States Tax Court · 1952
- Industrial Supplies, Inc. v. CommissionerUnited States Tax Court · 1952
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