Tolerton & Warfield Co. v. Commissioner
United States Board of Tax Appeals
1. Periods of less than a year for which returns are required held, under the Revenue Act of 1924, to be taxable years for purpose of computation of net loss. 2. Net losses sustained prior to affiliation may be used in computing consolidated net income. Ben Ginsburg Co.,19 B.T.A. 81, followed.
1Opinion of the Court
TOLERTON AND WARFIELD COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Tolerton & Warfield Co. v. Commissioner
Docket No. 45320.
United States Board of Tax Appeals
23 B.T.A. 892; 1931 BTA LEXIS 1801;
June 29, 1931, Promulgated
1. Periods of less than a year for which returns are required held, under the Revenue Act of 1924, to be taxable years for purpose of computation of net loss.
2. Net losses sustained prior to affiliation may be used in computing consolidated net income. Ben Ginsburg Co.,19 B.T.A. 81, followed.
Allen G. Gartner, Esq., for the petitioner.
Eugene Meacham, Esq.,…
2Cases cited2 opinions
- Ben Ginsburg Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Tolerton & Warfield Co. v. CommissionerUnited States Board of Tax Appeals · 1931