Valley Morris Plan v. Commissioner
United States Tax Court
Excess Profits Credit -- Borrowed Capital -- Sec. 439(b)(1). -- Certificates issued in denominations of $ 500 and $ 1,000 for a fixed term (usually 3 years) by an industrial loan company of California, held borrowed capital under section 439(b)(1).
1Opinion of the Court
OPINION.
Murdock, Judge:
Section 439 of the Internal Revenue Code of 1939 was added by section 101 of the Excess Profits Tax Act of 1950 and applies to all taxable years ending after June 30, 1950. It pertains to an excess profits tax credit based upon invested capital, which credit includes 75 per cent of the average borrowed capital for the taxable year computed under section 439(a). The average borrowed capital under section 439(a) is the aggregate of the daily borrowed capital for each day of the year divided by the number of days in the year. Section 439(b)(1) provides, inter alia, that…
2Cases cited7 opinions
- Economy Sav. & Loan Co. v. CommissionerUnited States Tax Court · 1945
- Economy Savings & Loan Co. v. Commissioner of Int. Rev.Court of Appeals for the Sixth Circuit · 1946
- Commissioner of Internal Revenue v. Ames Trust & Sav. BankCourt of Appeals for the Eighth Circuit · 1950
- Capital Nat'l Bank v. CommissionerUnited States Tax Court · 1951
- Ames Trust & Sav. Bank v. CommissionerUnited States Tax Court · 1949
2 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- United States v. City Loan and Savings CompanyCourt of Appeals for the Sixth Circuit · 1961
- Talmage v. Comm'rUnited States Tax Court · 2008
- MoneyGram International, Inc. v. CommissionerUnited States Tax Court · 2015
- North American Finance Corporation of Savannah v. The United StatesUnited States Court of Claims · 1963
- Calloway v. CommissionerUnited States Tax Court · 2010
6 more not listed; retrieve them via the Exa API.