Green Bay Lumber Co. v. Commissioner
United States Tax Court
The Excess Profits Tax Act of 1940, as amended, provides for enumerated adjustments to the excess profits net income of the taxpayer for the base period years.
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The Excess Profits Tax Act of 1940, as amended, provides for enumerated adjustments to the excess profits net income of the taxpayer for the base period years. One such is the elimination of deductions of a "class * * * abnormal for the taxpayer" under section 711 (b) (1) (J) (i), I. R. C. Petitioner, in one of its base period years (1939), had been allowed a deduction for bad debts in the aggregate amount of $ 14,739.52, $ 8,000 of which represented loans made to some of its employees in 1924 and 1925 to enable them to purchase stock in another corporation. Held that bad debts do not…
1Opinion of the Court
OPINION.
Mellott, Judge:
The Commissioner determined a deficiency in petitioner’s excess profits tax for the year 194.1 in the amount of $5,092.75 and overassessments in its income tax for the years 1940 and 1941 in the aggregate amount of $1,547.11.
The proceeding was submitted upon a stipulation of facts, all of which are accordingly found. The sole issue is whether the Commissioner erred in determining that a deduction of $8,000 was not abnormal in class and therefore should not be treated as an unallowable deduction under section 711 (b) (1) (J) (i), I. R. C., in computing petitioner’s…
2Cases cited8 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Truax v. CorriganSupreme Court of the United States · 1921
- United States v. DickersonSupreme Court of the United States · 1940
- Helvering v. BlissSupreme Court of the United States · 1934
- Bonwit Teller & Co. v. United StatesSupreme Court of the United States · 1931
3 more not listed; retrieve them via the Exa API.
3Cited by58 opinions
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- Consolidated Apparel Co. v. CommissionerUnited States Tax Court · 1952
- Surface Combustion Corp. v. CommissionerUnited States Tax Court · 1947
- Denman Tire & Rubber Co. v. CommissionerUnited States Tax Court · 1950
- Iron Fireman Mfg. Co. v. Comm'rUnited States Tax Court · 1945
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