Levy v. Commissioner
United States Tax Court
Held, that the petitioners are not entitled to deduct for their taxable year 1959, pursuant to subchapter S, section 1374 of the Internal Revenue Code of 1954, any portion of a net operating loss sustained by their bankrupt small business corporation in its taxable year ended February 28, 1959, for the reasons that (1) the election filed on behalf of the corporation under section 1372 of the Code (not to be subject to the taxes imposed by chapter 1 of the Code) was…
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Held, that the petitioners are not entitled to deduct for their taxable year 1959, pursuant to subchapter S, section 1374 of the Internal Revenue Code of 1954, any portion of a net operating loss sustained by their bankrupt small business corporation in its taxable year ended February 28, 1959, for the reasons that (1) the election filed on behalf of the corporation under section 1372 of the Code (not to be subject to the taxes imposed by chapter 1 of the Code) was ineffective since it was not executed by the fiduciary appointed by the bankruptcy court, and (2) the petitioners failed to…
1Opinion of the Court
OPINION
Atkins, Judge:
The respondent determined income tax deficiencies of $1,555.74 and $516.68 against petitioners Herbert Levy and Miriam H. Levy for the taxable years 1958 and 1959, respectively, and a deficiency of $1,150.81 against petitioners Bert Kronen and Rita Kronen for the taxable year 1958. The issue is whether the petitioners are entitled to deduct in their individual returns, pursuant to section 1374 of the Internal Revenue Code of 1954, any part of a net operating loss sustained by their wholly owned corporation in its taxable year ended February 28, 1959. This depends upon…
2Cases cited6 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Boehm v. CommissionerSupreme Court of the United States · 1945
- Susie K. Ackerman v. United StatesCourt of Appeals for the Tenth Circuit · 1963
- Van Products, Inc. v. CommissionerUnited States Tax Court · 1963
1 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Jacob Abdalla and Mary T. Abdalla v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1981
- Abdalla v. CommissionerUnited States Tax Court · 1978
- Abdalla v. CommissionerUnited States Tax Court · 1978
- Abdalla v. CommissionerUnited States Tax Court · 1978
- Herisko v. CommissionerUnited States Tax Court · 1978
4 more not listed; retrieve them via the Exa API.