[DOWNLOAD] "Coastal Oil Storage Co. v. Commissioner of Internal Revenue" by United States Court of Appeals # Book PDF Kindle ePub Free

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eBook details

• Title: Coastal Oil Storage Co. v. Commissioner of Internal Revenue
• Author : United States Court of Appeals
• Release Date : January 11, 1957
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 71 KB

Description

These are cross appeals from the decision of the Tax Court of the United States reported in 25 T.C. 1304. The questions involved relate to the right of a corporate taxpayer to the $25,000 corporate surtax exemption and minimum excess profits credit, granted respectively by section 15(b) and section 431 of the Internal Revenue Code of 1939, 26 U.S.C.A. § 15(b), 26 U.S.C.A. Excess Profits Taxes, § 431. The corporation was organized February 1, 1951. The surtax exemption and minimum excess profits credit were claimed for the months of February to June 1951. They were denied by the Tax Court for the months of April, May and June 1951 under the restrictions imposed by section 15(c) of the Tax Code but allowed for the months of February and March for the reason that the restrictions imposed by that section were not applicable in the latter months. The taxpayer appeals from the denial for the months of April, May and June, the Commissioner from the allowance for February and March, the Commissioner contending that they should be denied for those months under the provisions of section 129(a) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 129 (a).

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