Budd Co. v. Commissioner
United States Tax Court
Statute of Limitations -- Secs. 1311-1315, 1954 Code -- Sec. 122, 1939 Code. -- The petitioner sustained a net operating loss for 1946 which was greater than its net income for 1944. It was properly carried back to 1944 and a sufficient portion used to eliminate 1944 net income, resulting in a refund of the 1944 taxes. The operations for 1945 resulted in a small loss not material hereto. The petitioner sued for refund of its 1947 income taxes.
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Statute of Limitations -- Secs. 1311-1315, 1954 Code -- Sec. 122, 1939 Code. -- The petitioner sustained a net operating loss for 1946 which was greater than its net income for 1944. It was properly carried back to 1944 and a sufficient portion used to eliminate 1944 net income, resulting in a refund of the 1944 taxes. The operations for 1945 resulted in a small loss not material hereto. The petitioner sued for refund of its 1947 income taxes. The District Court and the Court of Appeals for the Third Circuit allowed the excess profits taxes which actually accrued in 1944 to be subtracted from…
1Opinion of the Court
OPINION.
Murdock, Judge:
The petitioner has moved for judgment on the pleadings. The parties agree that all facts essential to a decision are pleaded and admitted. Such facts are adopted as the foldings of fact,, for that purpose.
The petitioner sustained a net operating loss for 1946; it exceeded the net income of the petitioner for 1944; it was allowed as a net operating loss carryback to 1944 to the extent necessary to wipe out the net income for that year; and, as a result, income and excess profits taxes theretofore paid by the petitioner for 1944 were later refunded. Section 122(b) (1)…
2Cases cited5 opinions
- United States v. Olympic Radio & Television, Inc.Supreme Court of the United States · 1955
- Lewyt Corp. v. CommissionerSupreme Court of the United States · 1955
- Budd Company v. United StatesCourt of Appeals for the Third Circuit · 1957
- Lumbermens Mutual Casualty Company v. Employers' Liability Assurance Corp., LimitedCourt of Appeals for the First Circuit · 1958
- Budd Co. v. United StatesDistrict Court, E.D. Pennsylvania · 1957
3Cited by7 opinions
- Bradford v. CommissionerUnited States Tax Court · 1960
- Bolten v. CommissionerUnited States Tax Court · 1990
- Allnutt v. Comm'rUnited States Tax Court · 2002
- Allnutt v. Comm'rUnited States Tax Court · 2004
- Bolten v. CommissionerUnited States Tax Court · 1990
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