A. J. Crowhurst & Sons, Inc. v. Commissioner
United States Board of Tax Appeals
Petitioner filed capital stock tax return containing a declaration of value of corporate stock as the net worth of the corporation. Prior to expiration of extensions granted under regulations, another declaration was filed.
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Petitioner filed capital stock tax return containing a declaration of value of corporate stock as the net worth of the corporation. Prior to expiration of extensions granted under regulations, another declaration was filed. Held, that under section 215(d) and (f), National Industrial Recovery Act of 1933, no amendment of return is permitted; held, further, that ignorance or mistake as to nature and extent of petitioner's rights under the statute does not relieve the taxpayer on the theory of mistaken election; held, further, that section 215(d) and (f) of the National Industrial Recovery Act…
1Opinion of the Court
*1074OPINION.
Disney:
The only question for our determination here is as to whether the petitioner may amend a capital stock tax return under section 215 (d) and 215 (f) of the National Industrial Eecovery Act, 48 Stat. 195, 208. Petitioner’s contentions are (a) that first “returns” as used in the statute is intended to mean “the return for the first year”; (b) that a declaration made in ignorance of, or under a mistake as to the real nature and extent of, taxpayer’s rights, does not constitute binding election precluding the filing of an *1075amended return; and (c) that the statute, if construed to…
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