Clarksburg Publishing Co. v. Commissioner
United States Tax Court
1. Excess Profits Tax Relief, Sec. 722 (b) (4) -- Change in Character of Business -- Acquisition of Competing Newspaper. -- The petitioner's acquisition of all the property and assets of two competing newspapers in 1927, in exchange for its stock which was placed in a voting trust agreement terminating in 1940 following litigation by the stockholders, is not a base period change in the character of the business within the terms or intendment of section 722 (b) (4). 2. Excess…
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1. Excess Profits Tax Relief, Sec. 722 (b) (4) -- Change in Character of Business -- Acquisition of Competing Newspaper. -- The petitioner's acquisition of all the property and assets of two competing newspapers in 1927, in exchange for its stock which was placed in a voting trust agreement terminating in 1940 following litigation by the stockholders, is not a base period change in the character of the business within the terms or intendment of section 722 (b) (4). 2. Excess Profits Tax Relief, Sec. 722 (b) (5). -- Alleged intracorporate mismanagement, errors of judgment, and differences do…
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner disallowed the claims of the petitioner for relief under section 722 (b) (4) and (b) (5) for the years 1941 through 1945 and has moved to dismiss this proceeding because the petition does not state a cause of action upon which relief could be granted. The parties were heard on the motion and have filed briefs. The facts alleged in support of each contention are deemed to be admitted for the purpose of the motion and are not in dispute.
The petitioner claims, first, that it qualifies for relief under the following portion of section 722 (b) (4):
any…
2Cases cited4 opinions
- Granite Constr. Co. v. CommissionerUnited States Tax Court · 1952
- Foskett & Bishop Co. v. CommissionerUnited States Tax Court · 1951
- Pratt & Letchworth Co. v. CommissionerUnited States Tax Court · 1954
- Hearn Department Stores, Inc. v. CommissionerUnited States Tax Court · 1954
3Cited by1 opinion
- Clarksburg Publishing Co. v. CommissionerUnited States Tax Court · 1957