Equinox Mill v. Commissioner
United States Tax Court
In 1943, the petitioner entered into a final renegotiation agreement in which it was agreed that it realized excessive profits in 1942 in the amount of $ 260,000. Pursuant to Section 3806 (b) (1), I. R. C., it became entitled to an excess profits tax credit in the amount of $ 188,273.56, and paid the difference, $ 71,726.44, in cash to the United States in 1943. Thereafter, upon the enactment of the Revenue Act of 1943, which added "(i) (3)" to the Renegotiation Act,…
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In 1943, the petitioner entered into a final renegotiation agreement in which it was agreed that it realized excessive profits in 1942 in the amount of $ 260,000. Pursuant to Section 3806 (b) (1), I. R. C., it became entitled to an excess profits tax credit in the amount of $ 188,273.56, and paid the difference, $ 71,726.44, in cash to the United States in 1943. Thereafter, upon the enactment of the Revenue Act of 1943, which added "(i) (3)" to the Renegotiation Act, petitioner acquired the right to a refund because a certain increase in value of excess inventory had been included in its…
1Opinion of the Court
Equinox Mill, Petitioner, v. Commissioner of Internal Revenue, Respondent
Equinox Mill v. Commissioner
Docket No. 22706
United States Tax Court
16 T.C. 267; 1951 U.S. Tax Ct. LEXIS 289;
January 31, 1951, Promulgated
Decision will be entered under Rule 50.
In 1943, the petitioner entered into a final renegotiation agreement in which it was agreed that it realized excessive profits in 1942 in the amount of $ 260,000. Pursuant to Section 3806 (b) (1), I. R. C., it became entitled to an excess profits tax credit in the amount of $ 188,273.56, and paid the difference, $ 71,726.44, in cash to the United…
2Cases cited5 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- Baltimore Foundry & Machine Corp. v. CommissionerUnited States Tax Court · 1946
- Equinox Mill v. CommissionerUnited States Tax Court · 1951