Polk v. Commissioner
United States Tax Court
Held, that interest paid on an income tax deficiency arising in a prior year, said deficiency being imposed in relation to business income, was properly deductible as an ordinary and necessary business expense for the purpose of computing net operating loss carryover pursuant to section 122 of the Code of 1939. Held, further, that issues not raised in the pleadings will not be considered by the Court.
1Opinion of the Court
Fisher, Judge:
The respondent determined a deficiency in income tax for the taxable year 1953 of Frank and Marie Polk in the amount of $15,599.30. Issues involving medical expenses, taxability of patronage dividends, and the amount of a net operating loss carryback from the year 1955 have been disposed of by stipulation. The only remaining issue presented by the pleadings is whether interest paid on a deficiency in income tax for the year 1948 is deductible as a business expense in the computation of a net operating loss carryover to the year 1953 under section 122 (d) of the Code of 1939.1
FIND…
2Cases cited4 opinions
- Commissioner of Internal Revenue v. James J. Standing and Marie S. StandingCourt of Appeals for the Fourth Circuit · 1958
- Standing v. CommissionerUnited States Tax Court · 1957
- Maxcy v. CommissionerUnited States Tax Court · 1956
- Estate of Carruth v. CommissionerUnited States Tax Court · 1957
3Cited by45 opinions
- Shomaker v. CommissionerUnited States Tax Court · 1962
- Nick Kikalos and Helen Kikalos v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1999
- James L. Redlark Cheryl L. Redlark v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1998
- Redlark v. Comm'rUnited States Tax Court · 1996
- Reise v. CommissionerUnited States Tax Court · 1961
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