Margay Oil Corp. v. Commissioner
United States Board of Tax Appeals
In April, 1925, petitioner caused a new corporation to be organized and thereafter during 1925 and 1926 the two were affiliated. Held, that in relation to 1924, for net loss purposes, the calendar year 1925 was petitioner's "succeeding taxable year" and the calendar year 1926 was the "next succeeding taxable year."
1Opinion of the Court
MARGAY OIL CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Margay Oil Corp. v. Commissioner
Docket No. 44891.
United States Board of Tax Appeals
26 B.T.A. 199; 1932 BTA LEXIS 1348;
May 31, 1932, Promulgated
In April, 1925, petitioner caused a new corporation to be organized and thereafter during 1925 and 1926 the two were affiliated. Held, that in relation to 1924, for net loss purposes, the calendar year 1925 was petitioner's "succeeding taxable year" and the calendar year 1926 was the "next succeeding taxable year."
George E. H. Goodner, Esq., and Frederick C. Rowherder,…
2Cases cited1 opinion
- Margay Oil Corp. v. CommissionerUnited States Board of Tax Appeals · 1932