New York, O. & W. R. Co. v. Commissioner
United States Board of Tax Appeals
In computing net losses by the separate corporations filing a consolidated return under the provisions of the Revenue Act of 1926, all intercompany transactions should be eliminated both for the year in which the net losses were sustained and in the succeeding year or years for which the different members were entitled to carry forward the net losses.
1Opinion of the Court
NEW YORK, ONTARIO AND WESTERN RAILWAY COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
New York, O. & W. R. Co. v. Commissioner
Docket No. 52693.
United States Board of Tax Appeals
30 B.T.A. 408; 1934 BTA LEXIS 1333;
April 17, 1934, Promulgated
In computing net losses by the separate corporations filing a consolidated return under the provisions of the Revenue Act of 1926, all intercompany transactions should be eliminated both for the year in which the net losses were sustained and in the succeeding year or years for which the different members were entitled to carry forward…
2Cases cited1 opinion
- New York, O. & W. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1934