Corno Mills Co. v. Commissioner
United States Board of Tax Appeals
NET LOSS - STATUTORY "TAXABLE YEAR." - Incident to the voluntary change in 1924 of the accounting period of the petitioner from a fiscal year ending November 30 to a calendar year, made with the full approval of the Commissioner, a separate return was filed and accepted for the month of December, 1924. Pennsylvania Electric Steel Casting Co.,20 B.T.A. 602, followed in holding that the one month of December, 1924, for which an income-tax return was made, was the third taxable…
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NET LOSS - STATUTORY "TAXABLE YEAR." - Incident to the voluntary change in 1924 of the accounting period of the petitioner from a fiscal year ending November 30 to a calendar year, made with the full approval of the Commissioner, a separate return was filed and accepted for the month of December, 1924. Pennsylvania Electric Steel Casting Co.,20 B.T.A. 602, followed in holding that the one month of December, 1924, for which an income-tax return was made, was the third taxable year in the contemplation of section 206(b) of the Revenue Act of 1926 and that the unexhausted balance of the net loss…
1Opinion of the Court
CORNO MILLS CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Corno Mills Co. v. Commissioner
Docket No. 36840.
United States Board of Tax Appeals
21 B.T.A. 712; 1930 BTA LEXIS 1798;
December 16, 1930, Promulgated
NET LOSS - STATUTORY "TAXABLE YEAR." - Incident to the voluntary change in 1924 of the accounting period of the petitioner from a fiscal year ending November 30 to a calendar year, made with the full approval of the Commissioner, a separate return was filed and accepted for the month of December, 1924. Pennsylvania Electric Steel Casting Co.,20 B.T.A. 602, followed in…
2Cases cited2 opinions
- Pennsylvania Electric Steel Casting Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Corno Mills Co. v. CommissionerUnited States Board of Tax Appeals · 1930