W. C. Mitchell Co. v. Commissioner
United States Board of Tax Appeals
1. Where tax liability for a given year has been determined on the basis of a petitioner's agreed net income and the parties have entered into a closing agreement under the provisions of section 606 of the Revenue Act of 1928, the petitioner may prove a net loss in such year for the purpose of reducing its tax liability in a subsequent year. 2. In the circumstances of this proceeding, where stock is sold by a corporation and a promissory note is taken therefor, the…
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1. Where tax liability for a given year has been determined on the basis of a petitioner's agreed net income and the parties have entered into a closing agreement under the provisions of section 606 of the Revenue Act of 1928, the petitioner may prove a net loss in such year for the purpose of reducing its tax liability in a subsequent year. 2. In the circumstances of this proceeding, where stock is sold by a corporation and a promissory note is taken therefor, the corporation has an equitable lien against such stock which is not affected by the running of the statute of limitations against…
1Opinion of the Court
OPINION.
Lansdon :
The respondent has asserted a deficiency in income tax for the fiscal year ended June 30, 1928, in the amount of $5,499.68. The only issue is whether petitioner’s taxable income for the year *646under review should be reduced by the application of a statutory net loss alleged to have been sustained either in 1926 or 1927. In its original petition the petitioner pleaded that its taxable income for 1928 should be reduced by the amount of $40,005.82, the amount of a net loss alleged to have been sustained in 1927. At the hearing it amended its petition to allege that such loss was…
2Cases cited4 opinions
- Bank of the United States v. DonnallySupreme Court of the United States · 1834
- United States & Canada Land Co. v. SullivanSupreme Court of Minnesota · 1910
- Geo. A. Hormel Company v. First National BankSupreme Court of Minnesota · 1927
- United Cigarette Machine Co. v. BrownSupreme Court of Virginia · 1916
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- Watson v. FahsDistrict Court, S.D. Florida · 1954
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