Virginia Lumber & Box Co. v. Commissioner
United States Board of Tax Appeals
In 1919 taxpayer changed its annual accounting period from a fiscal year ending November 30 to one ending October 31, and filed a return for the 11-month period commencing December 1, 1918, and ending October 31, 1919. The Commissioner denied that he had approved the computation of the net income upon the basis of the new accounting period.
Read the full summary
In 1919 taxpayer changed its annual accounting period from a fiscal year ending November 30 to one ending October 31, and filed a return for the 11-month period commencing December 1, 1918, and ending October 31, 1919. The Commissioner denied that he had approved the computation of the net income upon the basis of the new accounting period. Held, that the net loss for the 12-month period ending November 30, 1919, should be applied against the net income for the taxable year ending November 30, 1918, and any excess thereof applied against the net income for the year 1920.
1Opinion of the Court
APPEAL OF VIRGINIA LUMBER & BOX CO.
Virginia Lumber & Box Co. v. Commissioner
Docket No. 3546.
United States Board of Tax Appeals
3 B.T.A. 341; 1926 BTA LEXIS 2688;
January 16, 1926, Decided Submitted July 15, 1925.
In 1919 taxpayer changed its annual accounting period from a fiscal year ending November 30 to one ending October 31, and filed a return for the 11-month period commencing December 1, 1918, and ending October 31, 1919. The Commissioner denied that he had approved the computation of the net income upon the basis of the new accounting period. Held, that the net loss for the 12-month…
2Cases cited1 opinion
- Virginia Lumber & Box Co. v. CommissionerUnited States Board of Tax Appeals · 1926