The Commissioner determined deficiencies in excess profits tax of the petitioner for 1940 and 1941 in the amounts of $8,608.30 and $22,023.64. The sole issue, broadly described, is whether the use of the petitioner's excess profits credit based upon invested capital results in a lesser tax for each of these years than would the use of the credit based upon income. This might depend upon whether there was in 1937 an exchange described in section 750 (a) so that, as the Commissioner...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.