Niagara Searchlight Co. v. Commissioner
United States Tax Court
Net Operating Loss Carry-Back -- Section 122 (b) (1) (B) Under Amendment of Section 215 (a), Revenue Act 1950 -- Retroactive Application. -- Section 215 (a) amending section 122 (b) (1) to limit carry-back of net operating loss for years beginning after December 31, 1949, to one preceding year is not unconstitutional because of retroactive application.
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined a deficiency of $32,258.74 in the income tax of the petitioner for 1948. The only question for decision is whether the petitioner is entitled to carry back to 1948 a net operating loss sustained in the taxable period January 1, 1950, through June 30, 1950. The facts have been stipulated.
The petitioner, a New York corporation, filed its return for 1948 with the collector of internal revenue for the twenty-eighth district of New York.
The petitioner had a net operating loss of $132,652.82 for its taxable period January 1 through June 30, 1950,…
2Cases cited4 opinions
- Brushaber v. Union Pacific RailroadSupreme Court of the United States · 1916
- Welch v. HenrySupreme Court of the United States · 1938
- Untermyer v. AndersonSupreme Court of the United States · 1928
- Lynch v. HornbySupreme Court of the United States · 1918
3Cited by10 opinions
- Rose v. CommissionerUnited States Tax Court · 1970
- De Martino v. CommissionerUnited States Tax Court · 1987
- Bodine Electric Co. v. AllphinIllinois Supreme Court · 1980
- Southeast Equipment Corp. v. CommissionerUnited States Tax Court · 1960
- Bodine Electric Co. v. AllphinAppellate Court of Illinois · 1979
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