Alabama Mineral Land Co. v. Commissioner
United States Board of Tax Appeals
1. Fair market value of timber and timber lands on March 1, 1913, determined. 2. Petitioner's right to take deductions from its gross income for funds embezzled by its secretary and treasurer, sustained.
1Opinion of the Court
*589OPINION.
Lansdon:
Petitioner’s first contention is that it is entitled to reduce its tax liability for the years 1928 and 1929 by carrying forward a net loss of $16,430.52 or more sustained in 1927. The facts disclose that the computation of the petitioner’s tax liability settled under the provisions of section 606 of the Revenue Act of 1928 included the allowance of an operating loss in the amount of $16,430.52. In his computation of petitioner’s tax liability for 1928, the respondent reviewed the operations that resulted in such alleged loss in 1927 and determined that, in fact, the…
2Cases cited2 opinions
- Peterson Linotyping Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- W. C. Mitchell Co. v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by7 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Smith Paper Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Alabama Mineral Land Company v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957
- Casey v. United StatesUnited States Court of Claims · 1972
- Alabama Mineral Land Co. v. CommissionerUnited States Board of Tax Appeals · 1933
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