Founders Assoc. v. Commissioner
United States Board of Tax Appeals
The corporation income tax rates for the calendar year 1928 are not applicable to any part of the income of an association which was organized February 4, 1929, and which made its first return for the fiscal period ended November 30, 1929.
1Dissent
Goodeioh,
dissenting: I disagree with the majority opinion. Here, respondent has treated petitioner’s return as one for a fiscal year and has computed the tax upon that basis, applying the rates in effect during the 12 months preceding the closing date of the fiscal year. True, of those 12 months, one falls back in 1928, when the rate was higher than it was in 1929 and when petitioner was not in existence, but that is not saying, as the majority opinion infers it is, that income earned in 1929 is income earned in 1928. That is only taxing the income earned by petitioner during its fiscal year…
2Cases cited3 opinions
- Bankers' Trust Co. v. BowersCourt of Appeals for the Second Circuit · 1923
- Carroll Chain Co. v. CommissionerUnited States Board of Tax Appeals · 1924
- Weissberger Moving & Storage Co. v. CommissionerUnited States Board of Tax Appeals · 1932