Joseph & Feiss Co. v. Commissioner
United States Board of Tax Appeals
Petitioner sustained a net loss in 1925. On May 5, 1926, it became affiliated with another corporation, and thereafter filed a consolidated return for the year 1926. Held, separate returns were required for the periods of 1926 before and after affiliation, and that each such period was a "taxable year" within the meaning of section 200(a) of the Revenue Act of 1926, for the purpose of applying the net loss sustained in 1925. Weissberger Moving & Storage Co.,26 B.T.A. 1375,…
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Petitioner sustained a net loss in 1925. On May 5, 1926, it became affiliated with another corporation, and thereafter filed a consolidated return for the year 1926. Held, separate returns were required for the periods of 1926 before and after affiliation, and that each such period was a "taxable year" within the meaning of section 200(a) of the Revenue Act of 1926, for the purpose of applying the net loss sustained in 1925. Weissberger Moving & Storage Co.,26 B.T.A. 1375, followed.
1Opinion of the Court
*1426OPINION.
GoodRICh :
Petitioner contends that the calendar year 1926 is the “ succeeding taxable year ” and the calendar year 1927 is the “ next succeeding taxable year ” designated in section 206 (a) of the Revenue Act of 1926, and that against the income derived by itself and its affiliate during those years should be applied, to the extent permitted under the decision in Woolford Realty Co. v. Rose, 286 U. S. 319, its net loss sustained in 1925.
Upon facts presenting a situation similar to that here obtaining and raising this same issue under section 200 (b) of the Revenue Act of 1924, the…
2Cases cited1 opinion
- Woolford Realty Co. v. RoseSupreme Court of the United States · 1932
3Cited by1 opinion
- Joseph & Feiss Co. v. CommissionerUnited States Board of Tax Appeals · 1932