Legal Opinion
Baltimore Steam Packet Co. v. United States
United States Court of Claims
Decided January 20, 1960No. 137-57PublishedCited by 9 opinions
1Opinion of the CourtMaddeN, Judge
This is a suit for $53,287.50 of income taxes paid by plaintiff corporation for the year 1951. Plaintiff claims that it had a deductible expense of $105,000 for the year 1952, which was disallowed, and which, if it had been allowed, would have given it an operating loss for 1952, which it could have carried back to 1951. There is no dispute as to the right to the carryback, if the claimed 1952 deduction should have been allowed. The claimed deductible expense was a premium, an excess over the face value which plaintiff paid for the repurchase for retirement of its outstanding debentures.
The…
2Cases cited5 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Great Western Power Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Brown Printing Company v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1958
- Olinger Mortuary Ass'n v. CommissionerUnited States Board of Tax Appeals · 1931
3Cited by9 opinions
- United States v. Haskel Engineering & Supply CompanyCourt of Appeals for the Ninth Circuit · 1967
- Potter Electric Signal and Manufacturing Company, a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1961
- Bringwald, Inc. v. United StatesUnited States Court of Claims · 1964
- Roberts & Porter, Inc. v. CommissionerUnited States Tax Court · 1961
- Central & South West Corporation v. BrownDistrict Court, D. Delaware · 1965
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