Thompson v. Commissioner
United States Tax Court
The final day for filing an election to be treated as a small business corporation for the corporation's taxable year beginning Dec. 1, 1969, was Dec. 31, 1969. A Form 2553, Election by Small Business Corporation, was placed in the mail on Dec. 31, 1969, in sufficient time to have received a postmark of even date. The Form 2553 was received by respondent on Jan. 6, 1970, but the envelope within which the form was mailed was not retained.
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The final day for filing an election to be treated as a small business corporation for the corporation's taxable year beginning Dec. 1, 1969, was Dec. 31, 1969. A Form 2553, Election by Small Business Corporation, was placed in the mail on Dec. 31, 1969, in sufficient time to have received a postmark of even date. The Form 2553 was received by respondent on Jan. 6, 1970, but the envelope within which the form was mailed was not retained. Held, under sec. 7502(a)(1), the election is deemed filed on Dec. 31, 1969. Fred Sylvan, 65 T.C. 548 (1975). Held, further, under sec. 1372(c)(1), the…
1Opinion of the Court
Irwin, Judge:
Respondent determined a deficiency of $31,314.94 in petitioners’ Federal income tax for the year 1970. The sole issue remaining for our determination is whether petitioners may deduct the net operating loss sustained by their wholly owned corporation during its taxable year beginning December 1, 1969, and ending November 30,1970. The answer turns on whether the corporation filed a valid election under section 1372(c)(1)1 for such year.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
Robert Hicks Thompson and Nancy Jo Henry, formerly husband and wife, filed…
2Cases cited5 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Sylvan v. CommissionerUnited States Tax Court · 1975
- Albert G. Rich v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957
- Hotel Equities Corp. v. CommissionerUnited States Tax Court · 1975
- Brutsche v. CommissionerUnited States Tax Court · 1976
3Cited by11 opinions
- Jacobson v. CommissionerUnited States Tax Court · 1979
- Ruegsegger v. CommissionerUnited States Tax Court · 1977
- Lewis v. United StatesDistrict Court, E.D. California · 1996
- Menard, Inc. v. CommissionerUnited States Tax Court · 1981
- Monasmith v. CommissionerUnited States Tax Court · 1979
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