Linen Thread Co. v. Commissioner
United States Tax Court
1. Taxpayer, a foreign corporation, has always kept books in its home office in Glasgow, Scotland, on the basis of a fiscal year ending September 30, but from 1937 through 1944 it also kept books in the United States recording its income and expenditures in this country on the basis of a calendar year.
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1. Taxpayer, a foreign corporation, has always kept books in its home office in Glasgow, Scotland, on the basis of a fiscal year ending September 30, but from 1937 through 1944 it also kept books in the United States recording its income and expenditures in this country on the basis of a calendar year. It filed U. S. income tax returns from 1925 through 1936 on the basis of a fiscal year ending September 30 in accordance with its books in Scotland, and it filed U. S. income tax returns from 1937 through 1944 on the basis of a calendar year in accordance with its books in the United States.…
1Opinion of the Court
OPINION.
Johnson, Judge:
Petitioner urges that its income tax liability beginning September 30, 1940, through September 30, 1945, is to be computed on the basis of a fiscal year ending September 30. Respondent contends that petitioner’s annual accounting period for the taxable years here involved, 1941, 1943, and 1944, is a calendar year and determined deficiencies accordingly.
Petitioner does not contest respondent’s determination that it was taxable in 1941 as a nonresident foreign corporation under section 231 (a) (1), Internal Revenue Code,1 on amounts received from sources within the United…
2Cases cited8 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- McCoach v. Minehill & Schuylkill Haven RailroadSupreme Court of the United States · 1913
- Lewellyn v. Pittsburgh, B. & L. E. R.Court of Appeals for the Third Circuit · 1915
- European Naval Stores Co. v. CommissionerUnited States Tax Court · 1948
- United States ex rel. Greylock Mills v. BlairCourt of Appeals for the D.C. Circuit · 1923
3 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Dougherty v. CommissionerUnited States Tax Court · 1973
- United States v. BalanovskiCourt of Appeals for the Second Circuit · 1956
- Atlas Oil & Refining Corp. v. CommissionerUnited States Tax Court · 1954
- United States v. BalanovskiCourt of Appeals for the Second Circuit · 1956
- Commissioner of Internal Revenue v. Spermacet Whaling & Shipping Co., S/ACourt of Appeals for the Sixth Circuit · 1960
21 more not listed; retrieve them via the Exa API.