Legal Opinion
Towanda Textiles, Inc. v. United States
United States Court of Claims
Decided February 3, 1960No. 468-57PublishedCited by 51 opinions
1Opinion of the Court
WHITAKER, Judge.
This is a suit for the refund of an alleged overpayment of Federal income taxes for the plaintiff’s tax year ending June 30, 1956. The record presents two legal issues which may be briefly summarized as follows:
Plaintiff was in voluntary liquidation when fire destroyed some of its property. The amount received from the insurance on the property exceeded the base thereof for the purpose of ascertaining gain or loss. The first question presented is whether the gain derived therefrom comes within the provisions of section 337 of the Internal Revenue Code of 1954, 26 U.S.C.A. §…
2Cases cited12 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Helvering v. WinmillSupreme Court of the United States · 1938
- Arrowsmith v. CommissionerSupreme Court of the United States · 1952
- Helvering v. William Flaccus Oak Leather Co.Supreme Court of the United States · 1941
7 more not listed; retrieve them via the Exa API.
3Cited by51 opinions
- Central Tablet Manufacturing Co. v. United StatesSupreme Court of the United States · 1974
- Chicago, Burlington & Quincy Railroad v. United StatesUnited States Court of Claims · 1972
- Wilmington Trust Co. v. United StatesUnited States Court of Claims · 1979
- Iowa Southern Utilities Company, a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1964
- California and Hawaiian Sugar Refining Corporation, Limited v. The United StatesUnited States Court of Claims · 1962
46 more not listed; retrieve them via the Exa API.