Journal-Tribune Publishing Co. v. Commissioner
United States Tax Court
Respondent concedes that petitioner qualifies for excess profits tax relief under section 722 (c) of the Internal Revenue Code (1939). Petitioner's average base period net income reconstructed for the years ending October 31, 1943 (after application of the variable credit rule), 1944, and 1945. For carry-over purposes, petitioner's constructive average base period net income determined, after application of the variable credit rule, for the 11-month period ending October 31,…
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Respondent concedes that petitioner qualifies for excess profits tax relief under section 722 (c) of the Internal Revenue Code (1939). Petitioner's average base period net income reconstructed for the years ending October 31, 1943 (after application of the variable credit rule), 1944, and 1945. For carry-over purposes, petitioner's constructive average base period net income determined, after application of the variable credit rule, for the 11-month period ending October 31, 1942.
1Opinion of the Court
OPINION.
FisheR, Judge:
The respondent concedes that petitioner qualifies for excess profits tax relief under section 722 (c) of the Internal Bev-enue Code (1939) and has made a partial allowance of the claims filed by petitioner, as set out in our findings of fact. The parties have stipulated that petitioner’s excess profits credit based on invested capital is an inadequate standard for determining excess profits for the fiscal years ended October 31,1942 to 1945, inclusive, because the business of petitioner was of a class in which intangible assets not includible in invested capital under…
2Cases cited1 opinion
- Danco Co. v. CommissionerUnited States Tax Court · 1952
3Cited by2 opinions
- The Crowell-Collier Publishing Company v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
- Journal-Tribune Publishing Co. v. CommissionerUnited States Tax Court · 1955