Laredo Bridge Co. v. Commissioner
United States Tax Court
Taxpayer corporation sustained a capital loss of $ 68,575.53 in 1937 as the result of the condemnation by the Mexican Government of the Mexican end of the international bridge at Laredo, Texas, built and owned by petitioner. The loss was abnormal for petitioner, and was the cause rather than the consequence, of a change in the size of its business.
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Taxpayer corporation sustained a capital loss of $ 68,575.53 in 1937 as the result of the condemnation by the Mexican Government of the Mexican end of the international bridge at Laredo, Texas, built and owned by petitioner. The loss was abnormal for petitioner, and was the cause rather than the consequence, of a change in the size of its business. Held, the loss should be disregarded by virtue of section 711 (b) (1) (J) in computing petitioner's excess profits net income for 1937, one of the base years involved in the computation of its 1941 excess profits tax liability.
1Opinion of the Court
Laredo Bridge Co., Petitioner, v. Commissioner of Internal Revenue, Respondent
Laredo Bridge Co. v. Commissioner
Docket No. 6354
United States Tax Court
7 T.C. 17; 1946 U.S. Tax Ct. LEXIS 166;
June 5, 1946, Promulgated
Decision will be entered for the petitioner.
Taxpayer corporation sustained a capital loss of $ 68,575.53 in 1937 as the result of the condemnation by the Mexican Government of the Mexican end of the international bridge at Laredo, Texas, built and owned by petitioner. The loss was abnormal for petitioner, and was the cause rather than the consequence, of a change in the size of its…
Also in this document: Dissent.
2Cases cited5 opinions
- Monroe v. Hartford Street Railway Co.Supreme Court of Connecticut · 1903
- In Re BensonSupreme Court of Oklahoma · 1936
- Kelsey v. RebuzziniSupreme Court of Connecticut · 1913
- Laredo Bridge Co. v. CommissionerUnited States Tax Court · 1946
- Hill v. DaySuperior Court of Delaware · 1938