https://www.taxtmi.com/caselaws?id=49620 Whether excess profits tax is deductible when computing a managing agent's 10% commission turned on the contractual meaning of "net profits": the agreement defines net profits after ordinary expenses but not exhaustively; because the commission was a profit-sharing device the term must mean the divisible profits actually available for sharing. Amounts extracted by the State (excess profits tax) are not available for division and therefore are excluded in ascertaining net/divisible profits. Conclusion: excess profits tax is deductible; appeal allowed. 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 Whether excess profits tax is deductible when computing a managing agent's 10% commission turned on the contractual meaning of "net profits": the agreement defines net profits after ordinary expenses but not exhaustively; because the commission was a profit-sharing device the term must mean the divisible profits actually available for sharing. Amounts extracted by the State (excess profits tax) are not available for division and therefore are excluded in ascertaining net/divisible profits. Conclusion: excess profits tax is deductible; appeal allowed. Case-Laws Income Tax Fri, 03 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49620