Equinox Mill v. Commissioner
United States Tax Court
In 1943, the petitioner entered into a final renegotiation agreement in which it was agreed that it realized excessive profits in 1942 in the amount of $ 260,000. Pursuant to Section 3806 (b) (1), I. R. C., it became entitled to an excess profits tax credit in the amount of $ 188,273.56, and paid the difference, $ 71,726.44, in cash to the United States in 1943. Thereafter, upon the enactment of the Revenue Act of 1943, which added "(i) (3)" to the Renegotiation Act,…
Read the full summary
In 1943, the petitioner entered into a final renegotiation agreement in which it was agreed that it realized excessive profits in 1942 in the amount of $ 260,000. Pursuant to Section 3806 (b) (1), I. R. C., it became entitled to an excess profits tax credit in the amount of $ 188,273.56, and paid the difference, $ 71,726.44, in cash to the United States in 1943. Thereafter, upon the enactment of the Revenue Act of 1943, which added "(i) (3)" to the Renegotiation Act, petitioner acquired the right to a refund because a certain increase in value of excess inventory had been included in its…
1Opinion of the Court
OPINION.
Raum, Judge:
The Commissioner determined a deficiency in petitioner’s excess profits taxes for the year 1942 in the amount of $67,047.31, of which $54,243.35 is now in controversy. The sole question for decision is whether the respondent erred in including in the taxable income of petitioner for the year 1942, a refund of $75,338 received by it in 1947 pursuant to a claim filed by it under “(i) (3)” of the Renegotiation Act, as amended.1
The facts have been stipulated and are so found. Petitioner, a corporation engaged primarily in the manufacture of cotton textiles, filed its income…
2Cases cited4 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- Baltimore Foundry & Machine Corp. v. CommissionerUnited States Tax Court · 1946
3Cited by3 opinions
- Robert Reis & Co. v. CommissionerUnited States Tax Court · 1953
- Equinox Mill v. CommissionerUnited States Tax Court · 1951
- Robert Reis & Co. v. CommissionerUnited States Tax Court · 1953