Mid-State Products Co. v. Commissioner
United States Tax Court
1. The petitioner was organized to engage in buying shell eggs and the selling of frozen eggs. It decided to explore the possibilities of entering the business of producing and selling dried eggs.
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1. The petitioner was organized to engage in buying shell eggs and the selling of frozen eggs. It decided to explore the possibilities of entering the business of producing and selling dried eggs. Expenditures made in its fiscal year 1941 in the course of such exploration, in acquainting itself with the prospects for the purchase of dried eggs by the Federal Government, and in preparing itself so that it might compete for business in such buying program, were charged to an account entitled "Deferred Development and Pre-Operating Expense," from which they were charged off and deducted in its…
1Opinion of the Court
Mid-State Products Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Mid-State Products Co. v. Commissioner
Docket No. 24793
United States Tax Court
21 T.C. 696; 1954 U.S. Tax Ct. LEXIS 295;
February 15, 1954, Promulgated
Decision will be entered under Rule 50.
1. The petitioner was organized to engage in buying shell eggs and the selling of frozen eggs. It decided to explore the possibilities of entering the business of producing and selling dried eggs. Expenditures made in its fiscal year 1941 in the course of such exploration, in acquainting itself with the prospects for the…
2Cases cited16 opinions
- Real Estate - Land Title & Trust Co. v. United StatesSupreme Court of the United States · 1940
- W. B. Davis & Son, Inc. v. CommissionerUnited States Tax Court · 1945
- Anthony P. Miller, Inc. v. Commissioner of Int. Rev.Court of Appeals for the Third Circuit · 1947
- Musselman Hub-Brake Co. v. Com'r of Internal RevenueCourt of Appeals for the Sixth Circuit · 1943
- A. Finkenberg's Sons, Inc. v. CommissionerUnited States Tax Court · 1951
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