Hooper Constr. Co. v. Renegotiation Board
United States Tax Court
Petitioner, whose regular method of accounting, on which it reported its income for Federal income tax purposes, was an accrual and completed contract basis, completed all work required under its contract in 1951. The prime contractor approved such work and accepted it for use by authorizing another subcontractor to place work over the work done by petitioner. In 1952 petitioner did a minor amount of repair work under its subcontract, necessitated by washes from heavy rains.
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Petitioner, whose regular method of accounting, on which it reported its income for Federal income tax purposes, was an accrual and completed contract basis, completed all work required under its contract in 1951. The prime contractor approved such work and accepted it for use by authorizing another subcontractor to place work over the work done by petitioner. In 1952 petitioner did a minor amount of repair work under its subcontract, necessitated by washes from heavy rains. Held, for the purposes of renegotiation, petitioner's subcontract was finally completed and accepted in 1951 and the…
1Opinion of the Court
Scott, Judge:
In its unilateral order the respondent determined, under the Renegotiation Act of 1951, as amended or supplemented, that the petitioner realized excessive profits in the amount of $80,000 from contracts and subcontracts subject to said Act for its fiscal year ended December 31,1952.
Petitioner contends that respondent erroneously included as income subject to renegotiation for the year 1952 amounts received from Government contracts which were completed prior to January 1,1952, and under petitioner’s accounting methods subject to renegotiation only for the year 1951.
Pursuant to a…
2Cases cited7 opinions
- Lichter v. United StatesSupreme Court of the United States · 1948
- Standard Paving Co. v. Commissioner of Internal Revenue. Standard Paving Co. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1951
- Standard Paving Co. v. CommissionerUnited States Tax Court · 1949
- Rosner v. War Contracts Price Adjustment BoardUnited States Tax Court · 1951
- L. A. Wells Constr. Co. v. CommissionerUnited States Board of Tax Appeals · 1942
2 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Smith v. CommissionerUnited States Tax Court · 1976
- King v. United StatesDistrict Court, E.D. Texas · 1963
- Hooper Constr. Co. v. Renegotiation BoardUnited States Tax Court · 1961
- Smith v. CommissionerUnited States Tax Court · 1976