Girard Trust Corn Exchange Bank v. Commissioner
United States Tax Court
1. The unused excess profits credit of the petitioner for a taxable year beginning December 1, 1943, is to be computed on the prorated basis under both the 1943 and 1944 laws, as required by section 710 (a) (6), Internal Revenue Code of 1939, added by section 203 (a), Revenue Act of 1943, notwithstanding the provision that the 1943 amendments were applicable only to years beginning after December 31, 1943. 2. Real estate acquired by a bank in foreclosures and by deeds in…
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1. The unused excess profits credit of the petitioner for a taxable year beginning December 1, 1943, is to be computed on the prorated basis under both the 1943 and 1944 laws, as required by section 710 (a) (6), Internal Revenue Code of 1939, added by section 203 (a), Revenue Act of 1943, notwithstanding the provision that the 1943 amendments were applicable only to years beginning after December 31, 1943. 2. Real estate acquired by a bank in foreclosures and by deeds in lieu thereof was held primarily for sale to customers in the ordinary course of the petitioner's business and sales thereof…
1Opinion of the Court
OPINION.
BaáR, Judge:
The first issue for our decision is whether the petitioner must compute its excess profits credit for the year ending November 30,1944, on a prorated basis whereby the statute in effect for the calendar year 1943 (“1943 law”) should apply in proportion to the number of days of the fiscal year falling in 1943 and the statute in effect for the calendar year 1944 (“1944 law”) should apply in proportion to the number of days of the fiscal year falling in 1944.
The dispute between the parties grows out of the amendments made to section 710 and section 714 of the Internal Revenue…
2Cases cited20 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Thrift v. CommissionerUnited States Tax Court · 1950
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Rollingwood Corp. v. Commissioner of Internal Revenue. Bohannon v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1951
- Mauldin v. CommissionerUnited States Tax Court · 1951
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3Cited by4 opinions
- Allstate Sav. & Loan Asso. v. CommissionerUnited States Tax Court · 1977
- Allstate Sav. & Loan Asso. v. CommissionerUnited States Tax Court · 1977
- Girard Trust Corn Exchange Bank v. CommissionerUnited States Tax Court · 1954
- Redwood Empire Sav. & Loan Asso. v. CommissionerUnited States Tax Court · 1985