Carroll Chain Co. v. Commissioner
United States Board of Tax Appeals
A corporate taxpayer operating its business for a part of its first fiscal year after organization, and sustaining a net loss therefrom, is entitled to deduct such loss from taxable income earned in the succeeding taxable year, under section 204(b) of the Revenue Act of 1921.
1Opinion of the Court
*39OPINION.
Lansdon:
There being no controversy over the facts in this case, it remains only for the Board to determine whether the Commissioner erred in disallowing the loss suffered in business operations by this taxpayer during the period November 1, 1921, to June 30, 1922, as a proper deduction from the taxable income of the taxpayer, resulting from profits earned during the fiscal year July 1, 1922, and ended June 30, 1923. As his reason for such disallowance, the Commissioner asserts that the deductions provided in section 204(b) are to be allowed only when the taxpayer was in operation as a…
2Cases cited1 opinion
- Bankers' Trust Co. v. BowersDistrict Court, S.D. New York · 1923
3Cited by6 opinions
- FA Gillespie & Sons Co. v. Commissioner of Int. Rev.Court of Appeals for the Tenth Circuit · 1946
- Carroll Chain Co. v. CommissionerUnited States Board of Tax Appeals · 1924
- Durabilt Steel Locker Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Founders Assoc. v. CommissionerUnited States Board of Tax Appeals · 1933
- Founders Assoc. v. CommissionerUnited States Board of Tax Appeals · 1933
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