Nivison-Weiskopf Co. v. Commissioner
United States Tax Court
Petitioner claiming credit for agreed constructive average base period net income under section 722held entitled to compute credit thereon applicable to all excess profits tax years notwithstanding actual losses in the base period also permit it to take deduction for net loss carry-over. E. P. C. 29 held erroneous.
1Opinion of the Court
OPINION.
Offer, Judge:
This proceeding grows out of a partial denial of an application for relief from excess profits tax under section 722. Respondent’s rejections of the claims for refund were in the respective amounts of $7,744.05 for 1942 and $5,796.24 for 1945. As to the latter year, respondent has now abandoned his contest, so that the only year remaining in controversy is 1942 and the only question to be decided is whether respondent was correct in applying the ruling known as E. P. C. 29 to petitioner’s claim and thereby reducing its constructive base period net income under section 722…
2Cases cited5 opinions
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Clinton Carpet Co. v. CommissionerUnited States Tax Court · 1950
- Fezandie & Sperrle v. Comm'rUnited States Tax Court · 1945
- D. L. Auld Co. v. CommissionerUnited States Tax Court · 1952
- Industrial Loan Soc. v. CommissionerUnited States Tax Court · 1950
3Cited by5 opinions
- United States v. Francis L. Higginson, TrusteesCourt of Appeals for the First Circuit · 1956
- Standard Tube Co. v. CommissionerUnited States Tax Court · 1956
- Nivison-Weiskopf Co. v. CommissionerUnited States Tax Court · 1952
- Standard Tube Co. v. CommissionerUnited States Tax Court · 1956
- Standard Tube Co. v. CommissionerUnited States Tax Court · 1956