Cambria Collieries Co. v. Commissioner
United States Tax Court
Net Operating Loss Deduction -- Carry-Back -- Law Applicable to Deductions for Loss Year. -- Deductions in computing a net operating loss are determined under the law applicable to the loss year rather than the law applicable to the year for which a net operating loss deduction is allowed.
1Opinion of the Court
opinion.
Murdock, Judge:
The Commissioner determined a deficiency of $12,311.03 in income tax for the calendar year 1941. The facts have been stipulated and the stipulation is adopted as the findings of fact.
The petitioner filed its return for 1941 with the collector of internal revenue for the tenth district of Ohio. It was engaged, at all times material hereto, in the business of mining and selling coal.
Section 114 (b) (4), as it applied to the year 1941, required a taxpayer to elect whether it would use the percentage method of depletion instead of depletion based upon cost, and an election…
2Cases cited1 opinion
- Reo Motors, Inc. v. CommissionerUnited States Tax Court · 1947
3Cited by5 opinions
- Kent v. CommissionerUnited States Tax Court · 1960
- American Bank & Trust Co. v. United StatesDistrict Court, E.D. Louisiana · 1963
- Allied Cent. Stores, Inc. v. CommissionerUnited States Tax Court · 1964
- Cambria Collieries Co. v. CommissionerUnited States Tax Court · 1948
- Kent v. CommissionerUnited States Tax Court · 1960