Electric Tachometer Corp. v. Commissioner
United States Tax Court
Petitioner, a corporation keeping its books on an accrual basis, incurred and paid expenses in 1955 and 1956 for moving its machinery and equipment from property which had been appropriated by State under powers of eminent domain to a new business location. Petitioner made claim against State for damages for value of the real property, difference in value of machinery before and after moving, and moving expenses.
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Petitioner, a corporation keeping its books on an accrual basis, incurred and paid expenses in 1955 and 1956 for moving its machinery and equipment from property which had been appropriated by State under powers of eminent domain to a new business location. Petitioner made claim against State for damages for value of the real property, difference in value of machinery before and after moving, and moving expenses. After hearing, the claim was settled in 1957 for an amount representing total damages for the taking of the property. Held, the moving expenses were ordinary and necessary business…
1Opinion of the Court
OPINION.
Scott, Jvdge:
Kespondent determined deficiencies in petitioner’s income tax for the years 1953 and 1954 in the amounts of $11,261.45 and $1,239.28, respectively. The question for decision is whether certain amounts deducted by petitioner as moving expenses in the years 1955 and 1956 constituted ordinary and necessary business expenses deductible in computing petitioner’s net operating loss carry-backs from the years 1955 and 1956 to the years 1953 and 1954.
All of the facts are stipulated and are found accordingly.
Petitioner is a corporation organized and existing under the laws of the…
2Cases cited11 opinions
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Towanda Textiles, Inc. v. United StatesUnited States Court of Claims · 1960
- Glendinning, McLeish & Co. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1932
- Baltimore Transfer Co. v. CommissionerUnited States Tax Court · 1947
- Alleghany Corp. v. CommissionerUnited States Tax Court · 1957
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3Cited by25 opinions
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- Lincoln Sav. & Loan Asso. v. CommissionerUnited States Tax Court · 1968
- George K. Herman Chevrolet, Inc. v. CommissionerUnited States Tax Court · 1963
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