Maine Cent. Transp. Co. v. Commissioner
United States Board of Tax Appeals
1. DEDUCTION - EXPENSE. - A railroad required its subsidiary to pay over all profits in excess of $500 from the operation of motor lines. Held, the payments were not ordinary and necessary expenses of the business of the subsidiary. 2. AFFILIATION - RAILROADS. - A company operating motor buses and trucks is not a common carrier by railroad and may not be included in a consolidated return with railroads.
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1. DEDUCTION - EXPENSE. - A railroad required its subsidiary to pay over all profits in excess of $500 from the operation of motor lines. Held, the payments were not ordinary and necessary expenses of the business of the subsidiary. 2. AFFILIATION - RAILROADS. - A company operating motor buses and trucks is not a common carrier by railroad and may not be included in a consolidated return with railroads. Sec. 141(d)(3), Revenue Act of 1934. 3. CAPITAL STOCK TAX - DECLARED VALUE. - Declared value may not be changed after time for filing an amend return has expired. William B. Scaife & Sons…
1Opinion of the Court
MAINE CENTRAL TRANSPORTATION COMPANY, A CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Maine Cent. Transp. Co. v. Commissioner
Docket No. 97221.
United States Board of Tax Appeals
42 B.T.A. 350; 1940 BTA LEXIS 1015;
July 12, 1940, Promulgated
1. DEDUCTION - EXPENSE. - A railroad required its subsidiary to pay over all profits in excess of $500 from the operation of motor lines. Held, the payments were not ordinary and necessary expenses of the business of the subsidiary.
2. AFFILIATION - RAILROADS. - A company operating motor buses and trucks is not a common carrier by…
2Cases cited2 opinions
- William B. Scaife & Sons Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- Maine Cent. Transp. Co. v. CommissionerUnited States Board of Tax Appeals · 1940