Overbrook Nat'l Bank v. Commissioner
United States Board of Tax Appeals
Petitioner, not being the "taxpayer," within the meaning of section 206 of the Revenue Act of 1924, is not entitled to deduct from its income a net loss sustained by one of its predecessor corporations.
1Opinion of the Court
*1391OPINION.
GoodRich :
The whole issue here is whether, as a matter of law, a net loss may be deducted from income, not by the Fifty-Second Street Bank, by which it was sustained, but by this petitioner, a national bank formed by the merger of the Fifty-Second Street Bank with the Overbrook Bank and the subsequent charter under the Federal statutes of the consolidated corporation.
Petitioner urges that the consolidated bank was a continuation of the old constituent corporations and has the same right to deduct this loss as had the single bank before the merger. It contends that, in substance, the…
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