Wheeler Insulated Wire Co. v. Commissioner
United States Tax Court
1. Excess Profits Tax -- Net Operating Loss Carry-Back -- Accounting -- Accrual Year. -- A taxpayer using an accrual method of accounting for and reporting its income may not deduct excess profits taxes for 1943 paid in 1944 for the purpose of computing a 1944 net operating loss.
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1. Excess Profits Tax -- Net Operating Loss Carry-Back -- Accounting -- Accrual Year. -- A taxpayer using an accrual method of accounting for and reporting its income may not deduct excess profits taxes for 1943 paid in 1944 for the purpose of computing a 1944 net operating loss. Lewyt Corporation, 18 T. C. 1245, and Hunter Manufacturing Corporation, 21 T. C. 424, followed. 2. Excess Profits Tax -- Credit Carry-Back -- Transfer of Business From One Related Corporation to Another -- Sec. 710 (c), I. R. C. -- A corporation whose profitable business and business assets were taken, in a…
1Opinion of the Court
The Wheeler Insulated Wire Company, Incorporated, Petitioner, v. Commissioner of Internal Revenue, Respondent
Wheeler Insulated Wire Co. v. Commissioner
Docket No. 43882
United States Tax Court
22 T.C. 380; 1954 U.S. Tax Ct. LEXIS 200;
May 21, 1954, Filed May 21, 1954, Filed
Decision will be entered for the respondent.
1. Excess Profits Tax -- Net Operating Loss Carry-Back -- Accounting -- Accrual Year. -- A taxpayer using an accrual method of accounting for and reporting its income may not deduct excess profits taxes for 1943 paid in 1944 for the purpose of computing a 1944 net operating loss.…
2Cases cited16 opinions
- Weir Long Leaf Lumber Co. v. CommissionerUnited States Tax Court · 1947
- Wier Long Leaf Lumber Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1949
- Rite-Way Products, Inc. v. CommissionerUnited States Tax Court · 1949
- Lewyt Corp. v. CommissionerUnited States Tax Court · 1952
- Gorman Lumber Sales Co. v. CommissionerUnited States Tax Court · 1949
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