ABKCO Industries, Inc. v. Commissioner
United States Tax Court
1. The Commissioner sought to recompute petitioner's income for the short taxable period Dec. 22 to 31, 1961, which was closed by the statute of limitations.
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1. The Commissioner sought to recompute petitioner's income for the short taxable period Dec. 22 to 31, 1961, which was closed by the statute of limitations. Held, such recomputation is permissible for purposes of determining the amount of a 1964 net operating loss carryback absorbed in that short taxable period, in order to compute the remaining amount of that carryback that would be available to petitioner in a subsequent (1962) open year. 2. Petitioner, an accrual basis taxpayer was engaged in the business of recording and distributing phonograph records. Evans, a minor, was one of its…
1Opinion of the Court
OPINION
Raum, Judge:
1. The first issue for decision is whether in determining the deficiency in petitioner’s 1962 income tax, the Commissioner is entitled to disallow the deduction iietitioner claimed on its return for the short taxable period December 22 to December 31, 1961, and thereby reduce the portion of the 1964 net operating loss carryback available to it in computing its 1962 income tax. Petitioner contends that the statute of limitations has run on the 1961 period and that the Commissioner may not recompute income for a barred period in order to determine the proper net operating…
2Cases cited15 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- American National Co. v. United StatesSupreme Court of the United States · 1927
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3Cited by31 opinions
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- Abkco Industries, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1973
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