Industrial Loan Soc. v. Commissioner
United States Tax Court
Net earnings of a business conducted during part of base period prior to petitioner's existence by a wholly owned affiliate, and of which the affiliate has obtained the benefit in computing its own credit for base period income, held insufficient by itself to demonstrate petitioner's right to relief from excess profits tax under section 722 (b) (4).
1Opinion of the Court
OPINION.
Opper, Judge:
Petitioner’s application for section 722 relief seems to us to require disallowance for two reasons, or perhaps two aspects of the same one. The essence of both is that the prior corporate owner of the business which petitioner acquired, and the activity of which it seeks to use as the measure of its reconstructed base period earnings, is and always has been under complete common ownership and control with petitioner.
Although petitioner itself'was not in business for more than the last six months of the base period, respondent has not computed its tax liability with…
2Cases cited5 opinions
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
- Stone v. WhiteSupreme Court of the United States · 1937
- Crocker v. MalleySupreme Court of the United States · 1919
- A. C. Burton & Co. v. CommissionerUnited States Tax Court · 1950
- George J. Meyer Malt & Grain Corp. v. CommissionerUnited States Tax Court · 1948
3Cited by5 opinions
- Kimble Glass Co. v. CommissionerUnited States Tax Court · 1961
- Nivison-Weiskopf Co. v. CommissionerUnited States Tax Court · 1952
- Industrial Loan Soc. v. CommissionerUnited States Tax Court · 1950
- Kimble Glass Co. v. CommissionerUnited States Tax Court · 1961
- Nivison-Weiskopf Co. v. CommissionerUnited States Tax Court · 1952