Louis Pizitz Dry Goods Co., Inc. v. Deal

RIVES, Circuit Judge.

This appeal involves income and excess profits taxes in the amount of $122,135.-45 plus interest, for the taxable years ended January 31, 1942 through January 31, 1947, inclusive. The sole issue relates to the timeliness of the election filed by the taxpayer to have applied the involuntary liquidation and replacement provisions of Section 22(d) (6), Internal Revenue Code, 26 U.S.C.A. § 22(d) (6), for each of the taxable years. Such election, along with amended returns for these years, was filed on September 18, 1948.

The Revenue Act of 1942, c. 619, 56 Stat. 798, Sec. 119,…