Olympic Radio & Television, Inc. v. United States

WHITAKER, Judge.

In our opinion on plaintiff’s and defendant’s motions for summary judgment filed November 4, 1952, we held that the words '“paid or accrued” in section 122(d)(6) of the Internal Revenue Code, 26 U.S.C.A. § 122(d) (6) must be construed as permitting a deduction for excess profits taxes paid in the taxable year in which a loss had been sustained, although the taxpayer filed its returns on an accrual basis;. and we accordingly granted plaintiff’s motion for a ■summary judgment.

Defendant has now filed a motion for a rehearing in which it presents a persuasive argument that our…