LEWYT CORPORATION (NOW KNOWN AS LEWYT MANUFACTURING CORPORATION)
v.
COMMISSIONER OF INTERNAL REVENUE
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Lewyt Corporation challenged the Commissioner of Internal Revenue's determination of its net operating loss deduction under the Internal Revenue Code of 1939, specifically whether excess profits taxes paid or accrued within a taxable year qualified for deduction under Section 122 and how to measure accrued excess profits taxes when later adjustments from carry-back provisions affected the ultimate tax liability. The Supreme Court granted certiorari limited to two questions regarding the treatment of excess profits taxes in calculating net operating loss deductions for accrual-basis taxpayers.
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to the United States Court of Appeals for the Second Circuit granted limited to questions 1 and 2 presented by the application for the writ which read as follows:
“1. Whether, in the case of a taxpayer on the accrual basis, excess profits taxes paid within a taxable year constitute excess profits taxes ‘paid or accrued within the taxable year’ under Section 122 (d)(6), Section 122 (a) and Section 122 (b)(1) of the Internal Revenue Code of 1939 (‘the Code’) dealing with the computation of the net operating loss deduction.
“2. Whether under Section 122 (d) (6) and Section 122 (b)(1) of the Code the ‘tax imposed by Subchapter E of Chapter 2’ [the excess profits tax] ‘accrued within the taxable year’ is the excess profits tax computed on the basis of the facts existing at the end of such taxable year or whether it is the excess profits tax ultimately determined to be due after application of a carry-back arising in a later year and after giving effect to other circumstances arising in later years.”
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Bell v. United States, 349 U.S. 81 (U.S. 1955)…th decisions of other lower federal courts, but a contrary holding by the Court of Appeals for the Tenth Circuit, in Robinson v. United States, 143 F. 2d 276, raised a square conflict for settlement by this Court. This led us to bring the case here. 348 U. S. 895. The punishment appropriate for the diverse federal offenses is a matter for the discretion of Congress, subject only to constitutional limitations, more particularly the Eighth Amendment. Congress could no doubt make the simultaneous transportatio…
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Lewyt Corp. v. Commissioner of Internal Revenue, 349 U.S. 237 (U.S. 1955)…s 1945 excess profits tax liability. The Commissioner disallowed the deduction and the Tax Court sustained the Commissioner. 18 T. C. 1245. The Court of Appeals affirmed. 215 F. 2d 518. The case is here on a petition for certiorari which we granted (348 U. S. 895) to resolve the conflict with the Olympic Radip case. Our views, as expressed in the latter case, coincide with those of the Court of Appeals. Accordingly, we affirm that part of the judgment. There is present in this case a point not involved in t…