Taylor Instrument Cos. v. Commissioner
United States Tax Court
New York State franchise taxes computed on income, held deductible in full by an accrual basis taxpayer in year when liability arose, notwithstanding that income and corresponding tax were reduced in a subsequent year as a result of renegotiation.
1Opinion of the Court
OPINION.
Opper, Judge-.
A deficiency in excess profits tax for petitioner’s taxable year ended July 31, 1945, determined in the amount of $3,179.92, is in controversy. Petitioner also claims an overpayment. One of the issues has been settled by agreement of the parties, and the question for decision is whether petitioner is entitled to deduct New York State franchise taxes accrued by it in fiscal 1945, where, due to renegotiation of its war contracts, a part of the income on which the franchise tax was based was ultimately reduced. All of the facts have been stipulated.
The stipulated facts aré…
2Cases cited2 opinions
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Baltimore Transfer Co. v. CommissionerUnited States Tax Court · 1947
3Cited by18 opinions
- Curran Realty Co. v. CommissionerUnited States Tax Court · 1950
- Kenyon Instrument Co. v. CommissionerUnited States Tax Court · 1951
- Lexmont Corp. v. CommissionerUnited States Tax Court · 1953
- Globe Products Corp. v. CommissionerUnited States Tax Court · 1979
- H. O. Boehme, Inc. v. CommissionerUnited States Tax Court · 1950
13 more not listed; retrieve them via the Exa API.