Green Lumber Co. v. Commissioner
United States Tax Court
1. Petitioner cannot qualify for section 722(b)(4) relief because causal connection between qualifying factors and an increased level of earnings not shown. 2. Inadequacy of invested capital under section 722(c)(3) cannot be considered, since first asserted on brief. 3. Relief under section 722(b)(2) and (3)(A) denied for failure of proof that petitioner was a member of the claimed industry.
1Opinion of the Court
FORRESTER, Judge:
Respondent has disallowed claims filed by petitioner seeking relief under section 722 of the Internal Revenue Code of 1939 in respect of excess profits taxes for the calendar years 1940, 1941, and 1942. The sole issue is whether respondent erred in denying to petitioner a constructive average base period net income resulting in the relief sought.
FINDINGS OF FACT.
The stipulated facts are so found.
Petitioner, a Delaware corporation, was organized on September 7,1937. Its principal office and place of business has at all relevant times been in Laurel, Mississippi. Its books and…
2Cases cited3 opinions
- Avey Drilling Machine Co. v. CommissionerUnited States Tax Court · 1951
- Burwell Motor Co. v. CommissionerUnited States Tax Court · 1957
- Michael Schiavone & Sons, Inc. v. CommissionerUnited States Tax Court · 1956
3Cited by7 opinions
- Orangeburg Mfg. Co. v. CommissionerUnited States Tax Court · 1961
- Orange Roller Bearing Co. v. CommissionerUnited States Tax Court · 1960
- Schenley Industries, Inc. v. CommissionerUnited States Tax Court · 1964
- Green Lumber Co. v. CommissionerUnited States Tax Court · 1959
- Orange Roller Bearing Co. v. CommissionerUnited States Tax Court · 1960
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