Beneficial Industrial Loan Corp. v. Commissioner
United States Tax Court
1. Petitioner and its 250 or more subsidiaries elected under section 730 of the Internal Revenue Code to file a consolidated excess profits tax return for the calendar year 1940. Most of the subsidiaries were small loan companies, which kept books and reported income on the basis of cash receipts and disbursements.
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1. Petitioner and its 250 or more subsidiaries elected under section 730 of the Internal Revenue Code to file a consolidated excess profits tax return for the calendar year 1940. Most of the subsidiaries were small loan companies, which kept books and reported income on the basis of cash receipts and disbursements. Two of the subsidiaries were insurance companies, which kept books and reported income on the accrual basis prescribed by section 204 of the Internal Revenue Code. During the base period years, as well as the taxable year, the insurance subsidiaries, in consideration of flat…
1Opinion of the Court
Beneficial Industrial Loan Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Beneficial Industrial Loan Corp. v. Commissioner
Docket No. 7629
United States Tax Court
7 T.C. 1019; 1946 U.S. Tax Ct. LEXIS 49;
October 23, 1946, Promulgated
Decision will be entered under Rule 50.
1. Petitioner and its 250 or more subsidiaries elected under section 730 of the Internal Revenue Code to file a consolidated excess profits tax return for the calendar year 1940. Most of the subsidiaries were small loan companies, which kept books and reported income on the basis of cash receipts and…
2Cases cited3 opinions
- Boyd-Richardson Co. v. CommissionerUnited States Tax Court · 1945
- J.F. Johnson Lumber Co. v. CommissionerUnited States Tax Court · 1944
- Beneficial Industrial Loan Corp. v. CommissionerUnited States Tax Court · 1946