Covert Gear Co. v. Commissioner

LittletoN:

On October 8, 1918, petitioner filed an income and profits-tax return, Form 1031, under the provisions of the Revenue Act of 1916, as amended by the Revenue Act of 1911, for the fiscal year ending July 31, 1918, showing a tax amounting to $41,390.97, which was assessed on November 9, 1918.

On February 24, 1919, the Revenue Act of 1918 was approved and became effective from January 1, 1918. On September 29, 1919, *1026petitioner filed a return, Form 1120, for the same fiscal year ending July 31,1918, under the provisions of the Revenue Act of 1918, showing a total tax for the year of…