Flomot Gin Co. v. Commissioner
United States Board of Tax Appeals
Petitioner was liquidated and dissolved June 29, 1936. On July 21, 1936, it filed a capital stock tax return for the capital stock tax fiscal year ended June 30, 1936. It declared the value of its capital stock as "None" as of June 30, 1936, instead of valuing its capital stock as of April 30, 1936, its last prior income tax year, as required by the statute.
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Petitioner was liquidated and dissolved June 29, 1936. On July 21, 1936, it filed a capital stock tax return for the capital stock tax fiscal year ended June 30, 1936. It declared the value of its capital stock as "None" as of June 30, 1936, instead of valuing its capital stock as of April 30, 1936, its last prior income tax year, as required by the statute. Later, it discovered its mistake and subsequent to the time for filing capital stock tax returns for year ended June 30, 1936, it tendered to the Commissioner a return fixing a valuation of its capital stock as of April 30, 1936. This the…
1Opinion of the Court
FLOMOT GIN COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Flomot Gin Co. v. Commissioner
Docket No. 93102.
United States Board of Tax Appeals
40 B.T.A. 689; 1939 BTA LEXIS 814;
October 17, 1939, Promulgated
Petitioner was liquidated and dissolved June 29, 1936. On July 21, 1936, it filed a capital stock tax return for the capital stock tax fiscal year ended June 30, 1936. It declared the value of its capital stock as "None" as of June 30, 1936, instead of valuing its capital stock as of April 30, 1936, its last prior income tax year, as required by the statute. Later, it…
2Cases cited3 opinions
- William A. Webster Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Haggar Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Flomot Gin Co. v. CommissionerUnited States Board of Tax Appeals · 1939