BENEFICIAL INDUSTRIAL LOAN CORPORATION v. COMMISSIONER

Docket No. 7629.

7 T.C. 1019 (1946)

BENEFICIAL INDUSTRIAL LOAN CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated October 23, 1946.


Attorney(s) appearing for the Case

J. R. Collins, Esq., for the petitioner.

George J. LeBlanc, Esq., for the respondent.


This proceeding involves an excess profits tax deficiency in the amount of $88,288.30 for the calendar year 1940. Petitioner and its wholly owned subsidiaries filed a consolidated excess profits tax return for that year, pursuant to section 730 of the Internal Revenue Code. Two issues are presented for our decision. The first relates to the correct amount of consolidated excess profits credit computed under the income method. In this connection the parties differ over the...

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