Legal Opinion
Bangor & Aroostook R. Co. v. Commissioner of Internal Revenue
Court of Appeals for the First Circuit
Decided December 31, 1951No. 4577PublishedCited by 22 opinions
1Opinion of the Court
MAGRUDER, Chief Judge.
Bangor and Aroostook Railroad Company petitions for review of a decision of the Tax Court of the United States determining that there is a deficiency in petitioner’s excess profits tax in the sum of $3,677.-45 for the calendar year 1943.
The applicable statute is the Excess Profits Tax Act of 1940, 54 Stat. 975; Internal Revenue Code § 710 et seq., 26 U.S. C.A. § 710 et seq. Speaking generally, the “excess profits credit” is the statutory measure of normal profits exempt from the excess profits tax; the credit is deducted from the “excess profits net income” to obtain the…
2Cases cited5 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Commissioner v. JacobsonSupreme Court of the United States · 1949
- Commissioner v. WheelerSupreme Court of the United States · 1945
- Commissioner of Internal Revenue v. FJ Young Corp.Court of Appeals for the Third Circuit · 1939
3Cited by22 opinions
- Meyer v. CommissionerUnited States Tax Court · 1966
- Lucile H. Meyer v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Leon R. MeyerCourt of Appeals for the Eighth Circuit · 1967
- Anderson v. CommissionerUnited States Tax Court · 1976
- Henry C. Beck Co. v. CommissionerUnited States Tax Court · 1969
- Divine v. CommissionerUnited States Tax Court · 1972
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