Baltimore Foundry & Machine Corp. v. Commissioner
United States Tax Court
Deficiency -- Computation Under Section 271 (a) -- Credit or Refund. -- The amount of tax shown on the return should be decreased, pursuant to section 271 (a), by the amount actually credited under section 3806 (b), I. R. C., in a closed renegotiation of excessive profits, even though, through fault of the taxing authorities, the amount credited was erroneously computed.
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined a deficiency in income tax of the Harrison Bolt & Nut Co. in the amount of $139.88 for the fiscal year ended August 31, 1942, and a deficiency in excess profits tax for that same period in the amount of $2,617.26. The petitioner concedes that it is liable, following a merger, for the deficiencies in question if they were properly determined. The facts have been stipulated.
The controversy involves only the deficiency in excess profits tax and not the deficiency in income tax. It is rather unusual and relates entirely to the computation of the…
2Cases cited1 opinion
- Burnet v. PorterSupreme Court of the United States · 1931
3Cited by17 opinions
- Wilkes-Barre Carriage Co. v. CommissionerUnited States Tax Court · 1963
- Kurtzon v. CommissionerUnited States Tax Court · 1952
- Equinox Mill v. CommissionerUnited States Tax Court · 1951
- Riegel Textile Corp. v. United StatesUnited States Court of Claims · 1960
- Sommerfeld Machine Co. v. CommissionerUnited States Tax Court · 1950
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