Virginia Lumber & Box Co. v. Commissioner
United States Board of Tax Appeals
In 1919 taxpayer changed its annual accounting period from a fiscal year ending November 30 to one ending October 31, and filed a return for the 11-month period commencing December 1, 1918, and ending October 31, 1919. The Commissioner denied that he had approved the computation of the net income upon the basis of the new accounting period.
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In 1919 taxpayer changed its annual accounting period from a fiscal year ending November 30 to one ending October 31, and filed a return for the 11-month period commencing December 1, 1918, and ending October 31, 1919. The Commissioner denied that he had approved the computation of the net income upon the basis of the new accounting period. Held, that the net loss for the 12-month period ending November 30, 1919, should be applied against the net income for the taxable year ending November 30, 1918, and any excess thereof applied against the net income for the year 1920.
1Opinion of the Court
OPINION.
Littleton:
In its petition taxpayer alleges error on the part of the Commissioner in failing to deduct either the net loss for the 11-month period ended October 31, 1919, or, as an alternative, that of the 12-month period ended November 30, 1919, from the net income of the fiscal year under consideration and with respect to which the Commissioner has determined a deficiency.
One of the alleged facts upon which taxpayer relies in support of its allegation of error is that, in the month of July, 1919, it requested *343permission from tbe Commissioner to change its accounting period from one…
2Cited by2 opinions
- Thorlight-Duncker Carpet Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Virginia Lumber & Box Co. v. CommissionerUnited States Board of Tax Appeals · 1926