General Instrument Corp. v. Commissioner
United States Tax Court
Held: 1. Petitioner, General Instrument & Appliance Corporation, has established that it is entitled to excess profits tax relief under section 722(b)(4), I.R.C. 1939, because its average base period net income was an inadequate standard of normal earnings since, prior to January 1, 1940, it was committed to a course of action resulting in a change after December 31, 1939, in capacity for the production or operation of its business.
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Held: 1. Petitioner, General Instrument & Appliance Corporation, has established that it is entitled to excess profits tax relief under section 722(b)(4), I.R.C. 1939, because its average base period net income was an inadequate standard of normal earnings since, prior to January 1, 1940, it was committed to a course of action resulting in a change after December 31, 1939, in capacity for the production or operation of its business. Constructive average base period net income determined. 2. Petitioner's claim for refund of excess profits tax for the fiscal year ended February 29, 1944, is…
1Opinion of the Court
General Instrument Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent. General Instrument & Appliance Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
General Instrument Corp. v. Commissioner
Docket Nos. 47349, 47350
United States Tax Court
35 T.C. 803; 1961 U.S. Tax Ct. LEXIS 214;
February 28, 1961, Filed
Decisions will be entered under Rule 50.
Held:
1. Petitioner, General Instrument & Appliance Corporation, has established that it is entitled to excess profits tax relief under section 722(b)(4), I.R.C. 1939, because its average base period net income…
2Cases cited13 opinions
- Florsheim Brothers Drygoods Co. v. United StatesSupreme Court of the United States · 1930
- Lucas v. Pilliod Lumber Co.Supreme Court of the United States · 1930
- Cook v. TaitSupreme Court of the United States · 1924
- Plunkett v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1941
- Triangle Raincoat Co. v. CommissionerUnited States Tax Court · 1952
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