Continental Baking Corp. v. Commissioner
United States Board of Tax Appeals
In July 1925 a domestic corporation keeping its accounts on the accrual basis filed a capital stock tax return in which it claimed exemption from the tax as not being engaged in business. In 1929 the respondent denied the claimed exemption, and in that year the tax was paid. In its income tax return for 1929 a deduction was taken for the amount of the tax paid. Held, the tax accrued in 1925 and was not a proper deduction from income in 1929.
1Opinion of the Court
CONTINENTAL BAKING CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Continental Baking Corp. v. Commissioner
Docket No. 61603.
United States Board of Tax Appeals
30 B.T.A. 354; 1934 BTA LEXIS 1340;
April 11, 1934, Promulgated
In July 1925 a domestic corporation keeping its accounts on the accrual basis filed a capital stock tax return in which it claimed exemption from the tax as not being engaged in business. In 1929 the respondent denied the claimed exemption, and in that year the tax was paid. In its income tax return for 1929 a deduction was taken for the amount of the…
2Cases cited1 opinion
- Continental Baking Corp. v. CommissionerUnited States Board of Tax Appeals · 1934