British Motor Car Distributors, Ltd. v. Commissioner
United States Tax Court
Sec. 129, I. R. C. 1939 -- Loss Carryover. -- Petitioner, a corporation, sustained net operating losses in 1949, 1950, and 1951 in its business of selling home appliances. By 1951 most of this business was liquidated. In 1951 the majority stock of petitioner was acquired by a partnership which was in the profitable business of selling foreign automobiles and parts.
Read the full summary
Sec. 129, I. R. C. 1939 -- Loss Carryover. -- Petitioner, a corporation, sustained net operating losses in 1949, 1950, and 1951 in its business of selling home appliances. By 1951 most of this business was liquidated. In 1951 the majority stock of petitioner was acquired by a partnership which was in the profitable business of selling foreign automobiles and parts. In 1951 the partnership transferred its assets to petitioner which gave up the home appliance business, changed its name, and claimed a carry forward of the losses the appliance business had sustained against profits for the years…
1Opinion of the Court
OPINION.
Tietjens, Judge:
The Commissioner determined deficiencies in income and excess profits tax of $137,057.99 and $31,846.12 for the fiscal years ended October 31,1952, and October 31,1953, respectively.
The only issue for decision is whether petitioner is entitled to carry over against its income from the sale of automobiles and parts in the taxable years, net operating losses sustained by Empire Home Equipment Co., Inc., in its fiscal years ended in 1949, 1950, and 1951.
All of the facts are stipulated, are so found, and the stipulation together with the pertinent exhibits are included…
2Cases cited5 opinions
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- T. v. D. Co. v. CommissionerUnited States Tax Court · 1957
- W A G E, Inc. v. CommissionerUnited States Tax Court · 1952
- Alprosa Watch Corp. v. CommissionerUnited States Tax Court · 1948
- A. B. & Container Corp. v. CommissionerUnited States Tax Court · 1950
3Cited by25 opinions
- Bobsee Corporation v. United StatesCourt of Appeals for the Fifth Circuit · 1969
- Thomas E. Snyder Sons Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1961
- James Realty Company, a Corporation v. United StatesCourt of Appeals for the Eighth Circuit · 1960
- Thomas E. Snyder Sons Co. v. CommissionerUnited States Tax Court · 1960
- Bush Hog Mfg. Co. v. CommissionerUnited States Tax Court · 1964
20 more not listed; retrieve them via the Exa API.