R. D. Merrill Co. v. Commissioner
United States Tax Court
1. Corporate operating losses were incurred from sale of property, based upon March 1, 1913, values which were greater than cost by an amount more than the operating losses.
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1. Corporate operating losses were incurred from sale of property, based upon March 1, 1913, values which were greater than cost by an amount more than the operating losses. Held, following Loren D. Sale, 35 B. T. A. 938, that such operating losses should not be charged to later earnings in the computation of amount available for distribution as taxable dividends; held, further, that where operating losses are not incurred in sale of assets which had appreciated in value on March 1, 1913, but from sale of assets later acquired, the operating losses should be charged against subsequent…
1Opinion of the Court
Disney, Judge:
The case of R. D. Merrill Co. (hereinafter sometimes called Merrill Co.), Docket No. 101456, involves a deficiency in the amount of $4,099.32 in income tax for the calendar year 1936, and a deficiency in the amount of $75.01 in personal holding company surtax for the same year. In its petition Merrill Co. claimed an overpayment in the amount of $859.17 in income tax. The respondent in his answer requests that the deficiency in income tax be increased to $12,482.11; also that the deficiency in personal holding company surtax be increased to $8,490.68, or, In the alternative, to…
2Cases cited7 opinions
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- General Utilities & Operating Co. v. HelveringSupreme Court of the United States · 1935
- Hellmich v. HellmanSupreme Court of the United States · 1928
- Helvering v. CanfieldSupreme Court of the United States · 1934
- BERETTA v. COMMISSIONERUnited States Tax Court · 1942
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3Cited by48 opinions
- Gross v. CommissionerUnited States Tax Court · 1955
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- Commissioner of Internal Revenue v. Hirshon TrustCourt of Appeals for the Second Circuit · 1954
- Commissioner of Internal Revenue v. Godley's EstateCourt of Appeals for the Third Circuit · 1954
- Godley v. CommissionerUnited States Tax Court · 1953
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