Trunz, Inc. v. Commissioner
United States Tax Court
Excess Profits Tax -- Section 722 (b) -- Section 713 (f). -- Low net earnings of base period years not shown due to earlier depression, to government interference or droughts and, in any event, the constructive average base period net income would not give benefit in excess of that obtained under section 713 (f).
1Opinion of the Court
OPINION.
Murdock, Judge:
The net income of the petitioner for the base period years was lower than that for a number of earlier years, but that fact alone would not entitle it to relief under section 722. Cf. George Kemp Real Estate Co., 12 T. C. 943. It must show, inter alia, that its average base peripd net income is an inadequate standard of normal earnings because of one or more of the factors set forth in those paragraphs of section 722 (b) mentioned in its application for relief. The position of the petitioner is that its business operated normally until the latter part of 1933 at which…
2Cases cited3 opinions
- Blum Folding Paper Box Co. v. CommissionerUnited States Tax Court · 1945
- Irwin B. Schwabe Co. v. CommissionerUnited States Tax Court · 1949
- Homer Laughlin China Co. v. CommissionerUnited States Tax Court · 1946
3Cited by49 opinions
- Wadley Co. v. CommissionerUnited States Tax Court · 1951
- Springfield Tablet Mfg. Co. v. CommissionerUnited States Tax Court · 1954
- Mitchell & Co. v. CommissionerUnited States Tax Court · 1953
- Midvale Co. v. CommissionerUnited States Tax Court · 1953
- Huguet Fabrics Corp. v. CommissionerUnited States Tax Court · 1952
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