Dow Jones & Co. v. Commissioner

OPINION

Section 722 of the Internal Revenue Code of 1939,4 as amended, provides under subsection (a) the general rule that in any case in which a taxpayer establishes that its excess profits tax (computed without the benefit of that section) is excessive and discriminatory and further establishes what would be a fair and just amount representing normal earnings to be used as a constructive average base period net income for the purposes of an excess profits tax, the tax shall be determined by using such cabpni in lieu of the average base period net income otherwise determined. Section 722…