Try to Get It

When Congress saddled U.S. corporations with the excess profits tax of 1940, it also vaguely promised relief, in famed Section 722, for those unfairly whacked. Under cover of 722's foggy wording, 34,000 corporations have filed claims for $12 billions paid in excess profits taxes. In an earnest attempt to clear away the fog, the Bureau of Internal Revenue issued a 210-page booklet. It told businessmen how they might try to get their money back.

The terms under the law were hard. Claims can be made under 722 only if a corporation can prove that the base period income...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!