https://www.taxtmi.com/caselaws?id=49620 Under a managing agency agreement, excess profits tax was deductible before calculating the agents' commission because the contract used "net profits" as the base for remuneration. The expression "working expenses" did not exhaust the deductions, and the parties were taken to mean divisible profits, that is, profits available for division between the company and the managing agents. Amounts not available for division had to be excluded in ascertaining the commission base. The construction depended on the language and context of the particular agreement, so authorities on different contracts were not controlling. en-us Fri, 03 Oct 1958 00:00:00 +0530 Fri, 05 Sep 2014 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49620 Under a managing agency agreement, excess profits tax was deductible before calculating the agents' commission because the contract used "net profits" as the base for remuneration. The expression "working expenses" did not exhaust the deductions, and the parties were taken to mean divisible profits, that is, profits available for division between the company and the managing agents. Amounts not available for division had to be excluded in ascertaining the commission base. The construction depended on the language and context of the particular agreement, so authorities on different contracts were not controlling. Case-Laws Income Tax Fri, 03 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49620