Merrimac Hat Corp. v. Commissioner
United States Tax Court
Section 3807, 1939 Code: Respondent allowed excess profits tax relief under section 722 for 1942 which resulted in decrease of excess profits net income and excess profits tax, and overpayment of tax in the gross amount of $ 64,366.21, of which $ 17,070.45 was refundable under sections 729(a) and 322(b). Section 3807 permitted respondent's adjustment of the 1942 income tax otherwise barred by section 275 but made necessary by the change in the related excess profits tax.
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Section 3807, 1939 Code: Respondent allowed excess profits tax relief under section 722 for 1942 which resulted in decrease of excess profits net income and excess profits tax, and overpayment of tax in the gross amount of $ 64,366.21, of which $ 17,070.45 was refundable under sections 729(a) and 322(b). Section 3807 permitted respondent's adjustment of the 1942 income tax otherwise barred by section 275 but made necessary by the change in the related excess profits tax. Under such adjustment there was an income tax deficiency of $ 31,785.78, which was less than the gross amount of the…
1Opinion of the Court
Merrimac Hat Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Merrimac Hat Corp. v. Commissioner
Docket No. 50382
United States Tax Court
32 T.C. 1082; 1959 U.S. Tax Ct. LEXIS 104;
August 18, 1959, Filed
Decision will be entered under Rule 50.
Section 3807, 1939 Code: Respondent allowed excess profits tax relief under section 722 for 1942 which resulted in decrease of excess profits net income and excess profits tax, and overpayment of tax in the gross amount of $ 64,366.21, of which $ 17,070.45 was refundable under sections 729(a) and 322(b). Section 3807 permitted…
2Cases cited1 opinion
- Merrimac Hat Corp. v. CommissionerUnited States Tax Court · 1959