Pepsi Cola Co. v. Commissioner
United States Tax Court
1. A corporation which had reported its income on a calendar year basis was dissolved by merger on June 30, 1941. Held, that the period from January 1 to June 30, 1941, constitutes a short taxable year and the excess profits net income must be placed on an annual basis under section 711 (a) (3) of the Internal Revenue Code. 2. In his notice of deficiency the Commissioner determined that the petitioner's excess profits net income for the period July 1 to December 31, 1940,…
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1. A corporation which had reported its income on a calendar year basis was dissolved by merger on June 30, 1941. Held, that the period from January 1 to June 30, 1941, constitutes a short taxable year and the excess profits net income must be placed on an annual basis under section 711 (a) (3) of the Internal Revenue Code. 2. In his notice of deficiency the Commissioner determined that the petitioner's excess profits net income for the period July 1 to December 31, 1940, was equal to one-half of its excess profits net income for the calendar year 1940, for purposes of the 12-month period…
1Opinion of the Court
OPINION.
ARundell, Judge:
This proceeding involves a deficiency in excess profits tax for a taxable period from January 1 to June 30, 1941, in the total amount of $1,939,447.95. In his notice of deficiency the Commissioner determined a deficiency of $1,449,899.93 and by an amended answer he has demanded an additional deficiency of $489,548.02.
Three questions are raised by the pleadings, as follows:
1. Whether the taxable period from January 1 to June 30, 1941, constitutes a taxable year of less than 12 months, so that the income should be placed on an annual basis as provided in section 711 (a)…
2Cases cited7 opinions
- Helvering v. TaylorSupreme Court of the United States · 1935
- Helvering v. Midland Mutual Life InsuranceSupreme Court of the United States · 1937
- William Leveen Corp. v. CommissionerUnited States Tax Court · 1944
- Kamin Chevrolet Co. v. CommissionerUnited States Tax Court · 1944
- First Nat'l Bank v. CommissionerUnited States Tax Court · 1942
2 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- E. B. & A. C. Whiting Co. v. CommissionerUnited States Tax Court · 1948
- Jacobs v. CommissionerUnited States Tax Court · 1946
- Houston Textile Co. v. CommissionerUnited States Tax Court · 1948
- Aycock v. CommissionerUnited States Tax Court · 1948
- Ace Heater Mfg. Co. v. CommissionerUnited States Tax Court · 1951
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