S.F.H., Inc. v. Commissioner
United States Tax Court
S.F.H., Inc., petitioner, for a number of years was engaged in the retail furniture business. On Aug. 11, 1961, all of petitioner's stock was sold to Merion Securities, Inc. On Oct. 27, 1961, Merion Securities, Inc., acquired control of Mount Clemens Metal Products Co., and on the same date had petitioner sell all its assets, including its installment basis accounts receivable, to Mount Clemens.
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S.F.H., Inc., petitioner, for a number of years was engaged in the retail furniture business. On Aug. 11, 1961, all of petitioner's stock was sold to Merion Securities, Inc. On Oct. 27, 1961, Merion Securities, Inc., acquired control of Mount Clemens Metal Products Co., and on the same date had petitioner sell all its assets, including its installment basis accounts receivable, to Mount Clemens. Thereafter, until its liquidation 2 years later, petitioner engaged in no trade or business. On its income tax return for the year ended June 30, 1962, petitioner claimed a net operating loss…
1Opinion of the Court
Withey, Judge:
Respondent determined a deficiency in petitioner’s income tax for the taxable year ended June 30,1962, in the amount of $109,182.23.
After concessions by the parties on several issues, there remains for decision only the question of whether respondent properly disallowed petitioner’s net operating loss carryover from the prior taxable year purusant to section 382(a) 1 in computing petitioner’s net operating loss deduction for 1962.
FINDINGS OF FACT
All of the facts having been stipulated, they are so found.
S.F.H., Inc. (formerly Sam Fortas Housefurnishing Co., Inc.), hereinafter…
2Cases cited5 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Fawn Fashions, Inc. v. CommissionerUnited States Tax Court · 1963
- Glover Packing Company of Texas v. The United StatesUnited States Court of Claims · 1964
- Commissioner of Internal Revenue v. Barclay Jewelry, Inc.Court of Appeals for the First Circuit · 1966
3Cited by4 opinions
- S.F.H., Inc. (Formerly Sam Fortas Housefurnishing Company, Inc.) v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1971
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