Northway Sec. Co. v. Commissioner
United States Board of Tax Appeals
Where a corporation engaged in manufacturing and selling speedometers sold all its assets in 1921, changed its name, and proceeded to engage in another line of business, but under the same charter, held, that there was no change in the legal entity and that a net loss sustained by it in 1921 is deductible from its 1922 net income.
1Opinion of the Court
*534OPINION.
Matthews:
The deficiency notice covering the years 1921 and 1922 was based on a revenue agent’s report for the years 1919 to 1922. The recommendations of the revenue agent for the years 1921 and 1922 were followed by the respondent in his 30-day letter and the subsequent notice of deficiency, which forms the basis for this proceeding. The revenue agent determined the net loss to be $234,517.76 and as the respondent accepted the revenue agent’s report and made it the basis of his notice of deficiency, we have found the net loss to be in the amount determined by the revenue agent and…
2Cases cited1 opinion
- Girard v. PhiladelphiaSupreme Court of the United States · 1869
3Cited by10 opinions
- Mill Ridge Coal Company v. George D. Patterson, District Director of Internal RevenueCourt of Appeals for the Fifth Circuit · 1959
- J. G. Dudley Co. v. CommissionerUnited States Tax Court · 1961
- Julius Garfinckel & Co., Incorporated (Successor to Brooks Brothers, Inc., Formerly the A. Depinna Company) v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1964
- Virginia Metal Products, Inc. v. CommissionerUnited States Tax Court · 1960
- Jackson Oldsmobile, Inc. v. United StatesDistrict Court, M.D. Georgia · 1964
5 more not listed; retrieve them via the Exa API.