Consolidated Gas & Equipment Co. v. Commissioner
United States Tax Court
Held, that the petitioner's gain from the sale of certain of its real and personal properties during its fiscal year 1956 was includible in its income for that year and not for its fiscal year 1957.
1Opinion of the Court
Withey, Judge:
Deficiencies have been determined by respondent in the income tax of petitioner for the taxable years and in the respective amounts which follow:
Year ended May SI— Deficiency
1954 -⅜106, 519.46
1955 - 39,533.34
1956 - 277,841.20
The only issue for decision is whether the gain arising from the sale by petitioner of certain of its business properties during its taxable year ended May 31, 1956, was taxable to the petitioner for that year. The parties have agreed that other issues relating to net operating losses available for net operating loss carryback and carry-forward purposes for…
2Cases cited9 opinions
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Commissioner v. HansenSupreme Court of the United States · 1959
- Lucas v. North Texas Lumber Co.Supreme Court of the United States · 1930
- Commissioner of Internal Revenue v. Union Pac. R. Co.Court of Appeals for the Second Circuit · 1936
- Chapin v. Commissioner of Internal Revenue (Two Cases)Court of Appeals for the Eighth Circuit · 1950
4 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Major Realty Corporation and Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1985
- Schultz v. CommissionerUnited States Tax Court · 1973
- Major Realty Corp. v. CommissionerUnited States Tax Court · 1981
- Ayres v. CommissionerUnited States Tax Court · 1983
- Consolidated Gas & Equipment Co. v. CommissionerUnited States Tax Court · 1961
2 more not listed; retrieve them via the Exa API.