Cartex Mills, Inc. v. Commissioner
United States Board of Tax Appeals
1. Petitioner was a corporation engaged in the manufacture of cotton goods and subject to the payment of processing taxes under the Agricultural Adjustment Act, declared unconstitutional January 6, 1936. The taxes imposed upon petitioner by that act for the year 1934 and accrued by it for 1934 were not paid until 1935. Held, such taxes were not deductible in 1935. 2. In 1935 petitioner enjoined the collection of such taxes and entered into an agreement with its vendees…
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1. Petitioner was a corporation engaged in the manufacture of cotton goods and subject to the payment of processing taxes under the Agricultural Adjustment Act, declared unconstitutional January 6, 1936. The taxes imposed upon petitioner by that act for the year 1934 and accrued by it for 1934 were not paid until 1935. Held, such taxes were not deductible in 1935. 2. In 1935 petitioner enjoined the collection of such taxes and entered into an agreement with its vendees (known as the Charlotte agreement) to refund to them an amount equal to such tax on all undelivered goods and all goods…
1Opinion of the Court
CARTEX MILLS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cartex Mills, Inc. v. Commissioner
Docket No. 97698.
United States Board of Tax Appeals
42 B.T.A. 894; 1940 BTA LEXIS 934;
October 9, 1940, Promulgated
1. Petitioner was a corporation engaged in the manufacture of cotton goods and subject to the payment of processing taxes under the Agricultural Adjustment Act, declared unconstitutional January 6, 1936. The taxes imposed upon petitioner by that act for the year 1934 and accrued by it for 1934 were not paid until 1935. Held, such taxes were not deductible in 1935.
2. In…
2Cases cited18 opinions
- Chicot County Drainage District v. Baxter State BankSupreme Court of the United States · 1940
- United States v. AndersonSupreme Court of the United States · 1926
- United States v. ButlerSupreme Court of the United States · 1936
- Norton v. Shelby CountySupreme Court of the United States · 1886
- Block v. CommissionerUnited States Board of Tax Appeals · 1939
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