First Nat'l Bank v. Commissioner
United States Tax Court
1. The additional capital stock tax (defense tax) imposed by section 205 of the Revenue Act of 1940, approved June 25, 1940, and applicable to the capital stock tax year beginning July 1, 1939, did not accrue prior to the date of its enactment and is not deductible by the petitioner in computing its taxable net income for the calendar year 1939. 2. For each of the years 1933, 1934, and 1935, the petitioner's income tax returns would have shown a net loss for income tax…
Read the full summary
1. The additional capital stock tax (defense tax) imposed by section 205 of the Revenue Act of 1940, approved June 25, 1940, and applicable to the capital stock tax year beginning July 1, 1939, did not accrue prior to the date of its enactment and is not deductible by the petitioner in computing its taxable net income for the calendar year 1939. 2. For each of the years 1933, 1934, and 1935, the petitioner's income tax returns would have shown a net loss for income tax purposes had the debts charged off in those years as bad but recovered in subsequent years up to and including the year 1939…
1Opinion of the Court
OPINION.
TuRnek, Judge:
Beginning with the year ending June 30,1939, and for each such year thereafter, section 1200 of the Internal Revenue Code imposed a capital stock tax at the rate of $1 for each $1,000 of adjusted declared value of corporate capital stock. Section 1203 provides that capital stock tax returns shall be filed within one month after the close of the year in respect of which such tax is imposed, unless the time for filing is extended by the Commissioner, while section 1205 provides that the tax shall be due and payable before the expiration of the period for filing the return,…
2Cases cited2 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Ed. Schuster & Co. v. WilliamsCourt of Appeals for the Seventh Circuit · 1922
3Cited by21 opinions
- Atlantic C. L. R. Co. v. CommissionerUnited States Tax Court · 1944
- Brown Paper Mill Co. v. CommissionerUnited States Tax Court · 1954
- Tennessee Consol. Coal Co. v. CommissionerUnited States Tax Court · 1950
- Van Norman Co. v. WelchCourt of Appeals for the First Circuit · 1944
- Pepsi Cola Co. v. CommissionerUnited States Tax Court · 1945
16 more not listed; retrieve them via the Exa API.