Consolidated-Hammer Dry Plate & Film Co. v. Commissioner
United States Tax Court
Held: 1. Petitioner is not entitled to carry over and deduct from the income of its postreorganization business, under sec. 122, I.R.C. 1939, net operating losses which it had sustained in its prereorganization business.
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Held: 1. Petitioner is not entitled to carry over and deduct from the income of its postreorganization business, under sec. 122, I.R.C. 1939, net operating losses which it had sustained in its prereorganization business. "Continuity of business enterprise" principle of Libson Shops, Inc. v. Koehler, 353 U.S. 382, applied. 2. Real estate taxes paid by petitioner-lessee, an accrual basis taxpayer, under a lease agreement requiring lessee to pay all real estate taxes assessed on underlying property are not deductible in the year when such taxes are assessed and a lien attaches but only in the…
1Opinion of the Court
Consolidated-Hammer Dry Plate & Film Company, Petitioner v. Commissioner of Internal Revenue, Respondent
Consolidated-Hammer Dry Plate & Film Co. v. Commissioner
Docket No. 1872-64
United States Tax Court
49 T.C. 153; 1967 U.S. Tax Ct. LEXIS 13;
December 6, 1967, Filed
Decision will be entered under Rule 50.
Held: 1. Petitioner is not entitled to carry over and deduct from the income of its postreorganization business, under sec. 122, I.R.C. 1939, net operating losses which it had sustained in its prereorganization business. "Continuity of business enterprise" principle of Libson Shops, Inc. v.…
Also in this document: Dissent · Tannenwald; Dissent · Simpson.
2Cases cited14 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- Huyler's (Corp.) v. CommissionerUnited States Tax Court · 1962
- H. H. Brown Co. v. CommissionerUnited States Board of Tax Appeals · 1927
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