Dixie Portland Flour Co. v. Commissioner
United States Tax Court
Held: 1. Petitioner failed to acquire "substantially all" the properties of a partnership and therefore did not constitute an "acquiring corporation" within the meaning of section 740 (a) (1) (D) entitled to utilize that business's base period income experience in computing its own excess profits credit based on income. 2. Where petitioner did not qualify as an "acquiring corporation" under the provisions of Supplement A, it may not, in computing a fair and just amount…
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Held: 1. Petitioner failed to acquire "substantially all" the properties of a partnership and therefore did not constitute an "acquiring corporation" within the meaning of section 740 (a) (1) (D) entitled to utilize that business's base period income experience in computing its own excess profits credit based on income. 2. Where petitioner did not qualify as an "acquiring corporation" under the provisions of Supplement A, it may not, in computing a fair and just amount representing normal earnings to be used as a constructive average base period net income under the provisions of section 722,…
1Opinion of the Court
Tietjens, Judge:
These consolidated proceedings involve claims for refund of excess profits taxes for the taxable years ended May 31, 1943 through 1946.
The issues for decision are: (1) Whether petitioner qualifies as an “acquiring corporation” within the meaning of section 740 (a) of the 1939 Code with respect to its acquisition of certain properties of the partnership Majestic Flour Mill, and with respect to its acquisition of the properties of the Eisenmayer Milling Company and the Arkansas City Flour Mills Company; if so, (2) whether it filed timely claims for such relief for its taxable…
2Cases cited24 opinions
- LeTulle v. ScofieldSupreme Court of the United States · 1940
- American Bantam Car Co. v. CommissionerUnited States Tax Court · 1948
- Mutual Lumber Co. v. CommissionerUnited States Tax Court · 1951
- H. Fendrich, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1951
- Packer Pub. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1954
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3Cited by8 opinions
- Air Preheater Corp. v. CommissionerUnited States Tax Court · 1961
- Loewen v. CommissionerUnited States Tax Court · 1981
- Connecticut Light & Power Co. v. CommissionerUnited States Tax Court · 1963
- Air Preheater Corp. v. CommissionerUnited States Tax Court · 1961
- Connecticut Light & Power Co. v. CommissionerUnited States Tax Court · 1963
3 more not listed; retrieve them via the Exa API.