B. C. Cook & Sons, Inc. v. Commissioner
United States Tax Court
A decision of this Court allowed a corporation an embezzlement loss deduction for 1965. A portion of said loss had been included in the corporation's cost of goods sold for the years 1958 through 1961. After the statute of limitations had run, respondent asserted a deficiency for those years pursuant to secs. 1311 through 1314. Held: An overstatement of cost of goods sold is not a "deduction" within the meaning of sec. 1312(2). Respondent is barred from asserting a…
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A decision of this Court allowed a corporation an embezzlement loss deduction for 1965. A portion of said loss had been included in the corporation's cost of goods sold for the years 1958 through 1961. After the statute of limitations had run, respondent asserted a deficiency for those years pursuant to secs. 1311 through 1314. Held: An overstatement of cost of goods sold is not a "deduction" within the meaning of sec. 1312(2). Respondent is barred from asserting a deficiency by sec. 6501.
1Opinion of the Court
B. C. Cook & Sons, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
B. C. Cook & Sons, Inc. v. Commissioner
Docket No. 1009-74
United States Tax Court
65 T.C. 422; 1975 U.S. Tax Ct. LEXIS 23;
December 1, 1975, Filed
An appropriate order will be issued denying respondent's Motion for Summary Judgment and petitioner is invited to submit such a motion on its own behalf.
A decision of this Court allowed a corporation an embezzlement loss deduction for 1965. A portion of said loss had been included in the corporation's cost of goods sold for the years 1958 through 1961. After the statute…
Also in this document: Concurrence · Dawson; Concurrence · Forrester; Concurrence · Tannenwald; Dissent · Drennen; Dissent · Wilbur.
2Cases cited23 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Atlantic Cleaners & Dyers, Inc. v. United StatesSupreme Court of the United States · 1932
- Towne v. EisnerSupreme Court of the United States · 1918
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
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