John Thatcher & Son v. Commissioner
United States Board of Tax Appeals
In March 1917 the petitioner, a contractor engaged in the building construction business, agreed to build an Elks Lodge in the city of New Orleans, Louisiana, which building was completed in 1919. Subconttracts were let to four certain individuals and firms, and bonds were furnished by them for the faithful performance of the subcontracts.
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In March 1917 the petitioner, a contractor engaged in the building construction business, agreed to build an Elks Lodge in the city of New Orleans, Louisiana, which building was completed in 1919. Subconttracts were let to four certain individuals and firms, and bonds were furnished by them for the faithful performance of the subcontracts. These subcontractors defaulted and the petitioner, as the main contractor, was obliged to carry out the contracts at a cost to it of $63,785.60 in excess of what it received for completing the work. Suit was instituted against the subcontractors and the…
1Opinion of the Court
OPINION.
Matthews:
These proceedings are for the redetermination of deficiencies asserted against the petitioner for the years 1928 and 1929 in the respective amounts of $6,190.12 and $3,039.64. With respect to the year 1928 it is alleged in the petition filed in Docket No. 56888 that the respondent erred in disallowing as a deduction *511from income for the taxable year the sum of $63,785.60 representing losses which the petitioner claims to have sustained in carrying out certain contracts. Had this deduction been allowed petitioner alleges that it would have sustained a net loss for the year in…
2Cases cited8 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Weiss v. WeinerSupreme Court of the United States · 1929
- Eckert v. BurnetSupreme Court of the United States · 1931
- Lewellyn v. Electric Reduction Co.Supreme Court of the United States · 1927
- Burnet v. HuffSupreme Court of the United States · 1933
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3Cited by2 opinions
- Allegheny Steel Co. v. United StatesUnited States Court of Claims · 1937
- John Thatcher & Son v. CommissionerUnited States Board of Tax Appeals · 1934