Gorman Lumber Sales Co. v. Commissioner
United States Tax Court
1. Deduction -- Bad Debt. -- Held, that a debt due petitioner from a deceased stockholder and his estate became worthless in 1942 and constituted an allowable deduction for that year. 2. Deduction -- California Franchise Tax. -- On authority of Central Investment Corporation, 9 T. C. 128, held that California franchise tax for the privilege of doing business during 1944, measured by 1943 income, accrued and became deductible for Federal tax purposes in 1944 rather than 1943.…
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1. Deduction -- Bad Debt. -- Held, that a debt due petitioner from a deceased stockholder and his estate became worthless in 1942 and constituted an allowable deduction for that year. 2. Deduction -- California Franchise Tax. -- On authority of Central Investment Corporation, 9 T. C. 128, held that California franchise tax for the privilege of doing business during 1944, measured by 1943 income, accrued and became deductible for Federal tax purposes in 1944 rather than 1943. 3. Deduction -- Net Operating Loss Carry-back. -- Held, that certain legal fees accrued as a liability in 1945…
1Opinion of the Court
FINDINGS OF FACT AND OPINION.
Tyson, Judge-.
This proceeding involves excess profits tax deficiencies determined against petitioner by respondent in the amounts of $29,388.10 and $2,831.97 for the calendar years 1942 and 1943, respectively, and also involves the petitioner’s claimed overpayment of its excess profits tax liability by the amount of $10,470.68 for the year 1943.
The issues involved are whether respondent erred :(1) In disallowing petitioner’s claimed deduction of $31,920.07 for the year 1942 as a bad debt which became worthless during that year;(2) In failing to allow for the year…
2Cases cited6 opinions
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- Weir Long Leaf Lumber Co. v. CommissionerUnited States Tax Court · 1947
- Rite-Way Products, Inc. v. CommissionerUnited States Tax Court · 1949
- Acampo Winery & Distilleries, Inc. v. CommissionerUnited States Tax Court · 1946
- Central Inv. Corp. v. CommissionerUnited States Tax Court · 1947
1 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Stern Bros. & Co. v. CommissionerUnited States Tax Court · 1951
- Joseph Weidenhoff, Inc. v. CommissionerUnited States Tax Court · 1959
- Diamond A Cattle Co. v. CommissionerUnited States Tax Court · 1953
- A B C Brewing Corporation (Formerly Aztec Brewing Co.), a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
- A B C Brewing Corp. v. CommissionerUnited States Tax Court · 1953
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