Legal Opinion
Metal Hose & Tubing Co. v. Commissioner
United States Tax Court
Decided December 9, 1953No. Docket Nos. 9587, 35381PublishedCited by 1 opinion
Petitioner held not to have established that its invested capital was abnormally low. (I. R. C., sec. 722 (c) (3).)
1Opinion of the Court
OPINION.
Hill, Judge:
Because petitioner was not organized until after December 31, 1939, under Internal Revenue Code, sections 712 and 714, it was required to compute its excess profits tax credits based on invested capital. It is now seeking a higher excess profits credit based on a constructive average base period net income under the provisions of the Code, sections 722 (c) (1),722 (c) (3) and 722 (a).
Petitioner’s claims for relief make no reference to a claim under section 722 (c) (1), nor is there a showing of any waiver by the respondent which might eliminate the necessity for an…
2Cases cited3 opinions
- Angelus Milling Co. v. CommissionerSupreme Court of the United States · 1945
- Blum Folding Paper Box Co. v. CommissionerUnited States Tax Court · 1945
- Hummel & Downing Co. v. CommissionerUnited States Tax Court · 1952
3Cited by1 opinion
- Metal Hose & Tubing Co. v. CommissionerUnited States Tax Court · 1953