Commissioner v. Gooch Milling & Elevator Co.

Court.

The jurisdiction of the Board of Tax Appeals 1 to determine and to apply a prior tax overpayment against a tax deficiency for a particular year is the sole question presented by this case. The Board held that it did not possess such jurisdiction, but the court below reversed, 133 F. 2d 131. We granted certiorari, 319 U. S. 737, the problem being one of importance in the administration of the revenue laws.

An audit made in 1938 of the books of the respondent corporation disclosed an erroneous valuation of its inventory of June 30, 1935. 2 Because of this error, respondent had been…