United States Rubber Co. v. Commissioner
United States Tax Court
Excess Profits Tax. -- Sec. 722 (a) and (b) (4). -- Sec. 742 (h). -- Section 722 (a) requires a new computation of constructive average base period net income and does not permit retention of the growth formula average base period net income and addition of an adjustment for changes in character of the business.
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner denied in whole the petitioner’s applications for relief under section 722 for the years 1941 through 1945. The parties have submitted the case upon stipulations of fact which are hereby adopted as the findings of fact.
The Commissioner concedes that the petitioner changed the character of its business during the base period within the meaning of section 722 (b) (4). He recognizes two changes, one “the difference in the ratio of nonborrowed capital to total capital” and the other, “the acquisition before January 1, 1940, of all * * * of the assets of a…
2Cases cited8 opinions
- Homer Laughlin China Co. v. CommissionerUnited States Tax Court · 1946
- Stimson Mill Co. v. CommissionerUnited States Tax Court · 1946
- Stimson Mill Co. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1947
- Dowd-Feder, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1949
- Dowd-Feder, Inc. v. CommissionerUnited States Tax Court · 1948
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3Cited by2 opinions
- United States Rubber Co. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1960
- United States Rubber Co. v. CommissionerUnited States Tax Court · 1958