Flomot Gin Co. v. Commissioner
United States Board of Tax Appeals
Petitioner was liquidated and dissolved June 29, 1936. On July 21, 1936, it filed a capital stock tax return for the capital stock tax fiscal year ended June 30, 1936. It declared the value of its capital stock as "None" as of June 30, 1936, instead of valuing its capital stock as of April 30, 1936, its last prior income tax year, as required by the statute.
Read the full summary
Petitioner was liquidated and dissolved June 29, 1936. On July 21, 1936, it filed a capital stock tax return for the capital stock tax fiscal year ended June 30, 1936. It declared the value of its capital stock as "None" as of June 30, 1936, instead of valuing its capital stock as of April 30, 1936, its last prior income tax year, as required by the statute. Later, it discovered its mistake and subsequent to the time for filing capital stock tax returns for year ended June 30, 1936, it tendered to the Commissioner a return fixing a valuation of its capital stock as of April 30, 1936. This the…
1Opinion of the Court
*692OPINION.
Blaok :
If the capital stock tax return filed by petitioner on July 21, 1936, for the capital stock tax fiscal year ended June 30, 1936, was a proper return under the provisions of section 105 (a), (d), and (f) of the Revenue Act of 1935 as amended by section 401 of the 1936 Act, then any amendment of such return is not permissible even though a substantial mistake was made in the original declaration of the value of the capital stock. See Scaife & Sons Co. v. Driscoll, 18 Fed. Supp. 748; affd., 94 Fed. (2d) 664; certiorari denied, 305 U. S. 603; William A. Webster Co., 37 B. T. A.…
2Cited by4 opinions
- Dr. Salsbury's Laboratories v. United StatesCourt of Appeals for the Eighth Circuit · 1943
- Lerner Stores Corp. v. CommissionerCourt of Appeals for the Second Circuit · 1941
- Del Mar Addition v. CommissionerUnited States Board of Tax Appeals · 1939
- Flomot Gin Co. v. CommissionerUnited States Board of Tax Appeals · 1939