Oxford Paper Co. v. Commissioner
United States Tax Court
Petitioner, a paper manufacturer, was dependent for its mill operation upon hydroelectric and hydromechanical power derived from the river upon which its mill was located. A severe drought so reduced the river flow during portions of 1947 and 1948 that a power shortage resulted in each of those years. The drought was of such intensity and duration as to be an event unusual and peculiar in the experience of the taxpayer.
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Petitioner, a paper manufacturer, was dependent for its mill operation upon hydroelectric and hydromechanical power derived from the river upon which its mill was located. A severe drought so reduced the river flow during portions of 1947 and 1948 that a power shortage resulted in each of those years. The drought was of such intensity and duration as to be an event unusual and peculiar in the experience of the taxpayer. However, even though petitioner's paper production may have been affected adversely by the drought during a portion of each of the years 1947 and 1948, the facts disclose that…
1Opinion of the Court
Train, Judge:
The respondent determined deficiencies in petitioner’s income and excess profits taxes for 1950 and 1951 in the respective amounts of $153,959.75 and $402,847.03.
The issue for decision is whether respondent erred in disallowing the claim for excess profits tax relief asserted by petitioner under section 442 of the Internal Revenue Code of 1939,1 relating to abnormalities during the base period.
FINDINGS OF FACT.
Some of the facts are stipulated and are hereby found as stipulated.
Petitioner, Oxford Paper Company, hereinafter referred to as Oxford, is a corporation organized and…
2Cases cited2 opinions
- Burford-Toothaker Tractor Company, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1959
- Kurtin v. CommissionerUnited States Tax Court · 1956
3Cited by4 opinions
- Oxford Paper Company v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- New York Shipbuilding Corp. v. United StatesDistrict Court, D. New Jersey · 1965
- United States Steel Corp. v. United StatesDistrict Court, S.D. New York · 1970
- Oxford Paper Co. v. CommissionerUnited States Tax Court · 1960