Crowell-Collier Pub. Co. v. Commissioner
United States Tax Court
1. Petitioner, during the base period years 1936 to 1939, inclusive, was the publisher of four national magazines, namely, Collier's, Woman's Home Companion, The American Magazine, and Country Home. In each of the base period years the publication of Country Home showed a substantial loss. At the end of 1939, its publication was discontinued and a substantial saving in expenses of petitioner annually was achieved thereby.
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1. Petitioner, during the base period years 1936 to 1939, inclusive, was the publisher of four national magazines, namely, Collier's, Woman's Home Companion, The American Magazine, and Country Home. In each of the base period years the publication of Country Home showed a substantial loss. At the end of 1939, its publication was discontinued and a substantial saving in expenses of petitioner annually was achieved thereby. Held, the discontinuance by petitioner of publication of Country Home and the savings in expenses annually achieved thereby was a change in the character of petitioner's…
1Opinion of the Court
OPINION»
Black, Judge:
The deficiency notice mailed to petitioner on February 1,1952, among other things, stated as follows:
You are advised that the determination of your income tax liability for the taxable year ended December 31,1942, discloses an overassessment of $447.86; that the determination of your income tax liability for the taxable years ended December 31,1943 and 1944, discloses a deficiency of $33,759.96; that the determination of your declared value excess profits tax liability for the taxable year ended December 31, 1943, discloses a deficiency of $576.82; that the determination…
2Cases cited11 opinions
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3Cited by20 opinions
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