Pennsylvania Electric Steel Casting Co. v. Commissioner
United States Board of Tax Appeals
In 1924 the petitioner voluntarily, but subject to and with the approval of the Commissioner, changed its accounting period from a fiscal to a calendar year basis.
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In 1924 the petitioner voluntarily, but subject to and with the approval of the Commissioner, changed its accounting period from a fiscal to a calendar year basis. The amount of the net loss sustained by the petitioner for the fiscal year ending August 31, 1923, has been properly allowed as a deduction, in accordance with the provisions of section 206 of the Revenue Act of 1926, in computing the net income for the fiscal year ending August 31, 1924, and in computing the net income for the four-month period ending December 31, 1924. The action of the respondent in refusing to allow as a…
1Opinion of the Court
PENNSYLVANIA ELECTRIC STEEL CASTING CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Pennsylvania Electric Steel Casting Co. v. Commissioner
Docket No. 34934.
United States Board of Tax Appeals
20 B.T.A. 602; 1930 BTA LEXIS 2079;
August 26, 1930, Promulgated
In 1924 the petitioner voluntarily, but subject to and with the approval of the Commissioner, changed its accounting period from a fiscal to a calendar year basis. The amount of the net loss sustained by the petitioner for the fiscal year ending August 31, 1923, has been properly allowed as a deduction, in accordance with the…
2Cases cited1 opinion
- Pennsylvania Electric Steel Casting Co. v. CommissionerUnited States Board of Tax Appeals · 1930