Davis v. Commissioner
United States Tax Court
Petitioners, accrual basis taxpayers, sustained a net operating loss of $ 1,961,225.47 for their taxable year beginning Oct. 1, 1961, to May 27, 1962, when Mr. Davis filed a petition for an arrangement under sec. 322 of the Bankruptcy Act.
Read the full summary
Petitioners, accrual basis taxpayers, sustained a net operating loss of $ 1,961,225.47 for their taxable year beginning Oct. 1, 1961, to May 27, 1962, when Mr. Davis filed a petition for an arrangement under sec. 322 of the Bankruptcy Act. From May 28, 1962, to Sept. 30, 1962, as a debtor in possession, he sustained an additional net operating loss of $ 58,003.72. For the taxable year ended Sept. 30, 1963, as a debtor in possession, he sustained a net operating loss of $ 580,630.86. On Oct. 11, 1963, Mr. Davis was adjudicated a bankrupt and a receiver was appointed, terminating the…
1Opinion of the Court
Goffe, Judge:
The Commissioner determined deficiencies in petitioners’ Federal income, tax as follows:
TYE Sept. 30— Deficiency
1968 $382,081.98
1969 ...74,608.15
1970 ...68,721.09
Due to concessions, the issues for decision are:(1) Whether petitioners may carry forward to a taxable year following a discharge in bankruptcy, net operating losses sustained prior to filing a petition for an arrangement under the Bankruptcy Act and net operating losses sustained while petitioner A. L. Davis was a debtor in possession in the arrangement proceeding which arrangement proceeding was converted to a…
2Cases cited28 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Segal v. RochelleSupreme Court of the United States · 1966
- Fin Hay Realty Co. v. United StatesCourt of Appeals for the Third Circuit · 1968
- Litton Business Systems, Inc. v. CommissionerUnited States Tax Court · 1973
- A. R. Lantz Co., Inc. v. United StatesCourt of Appeals for the Ninth Circuit · 1970
23 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- In Re Prudential Lines Inc.Court of Appeals for the Second Circuit · 1991
- Estate of Delman v. CommissionerUnited States Tax Court · 1979
- Carlson v. CommissionerUnited States Tax Court · 2001
- Thompson v. CommissionerUnited States Tax Court · 1980
- Official Committee of Unsecured Creditors v. PSS Steamship Co.Court of Appeals for the Second Circuit · 1991
16 more not listed; retrieve them via the Exa API.