Parks-Chambers, Inc. v. Commissioner
United States Board of Tax Appeals
1. Where a corporation had no accounting period which ended on last day of month, it had no fiscal year within meaning of section 48(b) of the Revenue Acts of 1934 and 1936, and is required by terms of section 41 of same revenue acts to compute its income on the basis of a calendar year.
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1. Where a corporation had no accounting period which ended on last day of month, it had no fiscal year within meaning of section 48(b) of the Revenue Acts of 1934 and 1936, and is required by terms of section 41 of same revenue acts to compute its income on the basis of a calendar year. Held, Commissioner was authorized to reject returns filed by petitioner covering periods beginning January 26, 1935, and ending January 25, 1936, and beginning January 26, 1936, and ending January 26, 1937, and to compute petitioner's income for 1935 and 1936 upon a calendar year basis. Swift & Co. v. United…
1Opinion of the Court
*147OPINION.
Black:
The respondent concedes error as alleged in petitioner’s assignment “(c)”, and adjustment for the item there involved will be made under Bule 50. The remaining issues are: (1) Whether the petitioner is entitled to use a fiscal year ending on January 31 for computing net income for each taxable year, or, if not (2) whether all or any part of a $30,000 dividend declared and paid by it on January 25, 1937, may be credited as “dividends paid” in determining petitioner’s surtax on undistributed profits for the calendar year 1936.
The first question is determined by certain identical…
2Cases cited2 opinions
- Valley Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Atlantic Land Co. v. CommissionerUnited States Board of Tax Appeals · 1940
3Cited by3 opinions
- Parks-Chambers, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1942
- Given v. CommissionerUnited States Tax Court · 1955
- Parks-Chambers, Inc. v. CommissionerUnited States Board of Tax Appeals · 1942