Buckie Printers' Ink Co. v. Commissioner
United States Board of Tax Appeals
NET LOSS - DEDUCTION IN CASE OF AFFILIATED COMPANIES. - The remainder of a net loss in 1922, after deducting the net income of the same taxpayer for 1923, is allowable as a deduction in computing net income for the third year, 1924, and the resulting net income or loss should be considered in full in arriving at the consolidated net income of a consolidation of which the 1922 loser is a member, even though such member had a loss for 1924 previous to deducting the net loss…
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NET LOSS - DEDUCTION IN CASE OF AFFILIATED COMPANIES. - The remainder of a net loss in 1922, after deducting the net income of the same taxpayer for 1923, is allowable as a deduction in computing net income for the third year, 1924, and the resulting net income or loss should be considered in full in arriving at the consolidated net income of a consolidation of which the 1922 loser is a member, even though such member had a loss for 1924 previous to deducting the net loss for 1922. Moore Cotton Mills Co.,17 B.T.A. 662, and Alabama By-Products Corporation et al.,18 B.T.A. 919, followed.
1Opinion of the Court
BUCKIE PRINTERS' INK CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Buckie Printers' Ink Co. v. Commissioner
Docket No. 40500.
United States Board of Tax Appeals
19 B.T.A. 943; 1930 BTA LEXIS 2297;
May 13, 1930, Promulgated
NET LOSS - DEDUCTION IN CASE OF AFFILIATED COMPANIES. - The remainder of a net loss in 1922, after deducting the net income of the same taxpayer for 1923, is allowable as a deduction in computing net income for the third year, 1924, and the resulting net income or loss should be considered in full in arriving at the consolidated net income of a consolidation…
2Cases cited3 opinions
- Alabama By-Products Corp. v. CommissionerUnited States Board of Tax Appeals · 1930
- Moore Cotton Mills Co. v. CommissionerUnited States Board of Tax Appeals · 1929
- Buckie Printers' Ink Co. v. CommissionerUnited States Board of Tax Appeals · 1930