Legal Opinion
The Acro Manufacturing Company v. Commissioner of Internal Revenue
Court of Appeals for the Sixth Circuit
Decided October 26, 1964No. 15380PublishedCited by 20 opinions
1Opinion of the Court
SHACKELFORD MILLER, Jr., Circuit Judge.
The taxpayer, The Aero Manufacturing Company, sought a redetermination in the Tax Court of its income tax liability for the years 1953 and 1955. The issue involved is whether a loss in the amount of $557,860.00, sustained by the taxpayer in 1955, was an ordinary loss or a capital loss. If it was an ordinary loss, the taxpayer had a net operating loss for the year 1955, which can be carried back to 1953. If the loss was a capital loss, the taxpayer owed additional taxes for the year 1955 in the amount of $239,026.78.
The facts are stipulated and are set…
2Cases cited3 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
- Acro Mfg. Co. v. CommissionerUnited States Tax Court · 1962
3Cited by20 opinions
- Verito v. CommissionerUnited States Tax Court · 1965
- Hoover Co. v. CommissionerUnited States Tax Court · 1979
- Glacier State Electric Supply Co. v. CommissionerUnited States Tax Court · 1983
- Kansas Sand & Concrete, Inc. v. CommissionerUnited States Tax Court · 1971
- Dover Corp. v. Comm'rUnited States Tax Court · 2004
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