W. K. Buckley, Inc. v. Commissioner
United States Tax Court
Treatment in income tax return of foreign taxes as a deduction from gross income, without subsequent amendment, held to constitute a binding election to deduct taxes imposed by a foreign country from gross income under section 23 (c) (2), to the exclusion of a credit therefor against the Federal income tax under section 131 (a) (1).
1Opinion of the Court
OPINION.
OppeR, Judge-.
The correctness of a deficiency in income and declared value excess profits taxes for the fiscal year ended July 31, 1940, in the amount of $11,321.76 is placed in issue by this proceeding. The sole question is whether an admitted deficiency determined by respondent may be offset by a credit for foreign taxes not claimed on petitioner’s tax return.
The case is submitted on a stipulation of all the facts, which are hereby found accordingly. They may be summarized by a quotation from respondent’s brief:
Petitioner is a corporation duly organized and existing under the laws…
2Cases cited3 opinions
- Haggar Co. v. Helvering, Com'r of Internal RevenueSupreme Court of the United States · 1940
- J. E. Riley Investment Co. v. CommissionerSupreme Court of the United States · 1940
- Mother Lode Coalition Mines Co. v. CommissionerSupreme Court of the United States · 1942
3Cited by7 opinions
- Dougherty v. CommissionerUnited States Tax Court · 1973
- Gentsch v. Goodyear Tire & Rubber Co.Court of Appeals for the Sixth Circuit · 1945
- Dougherty v. CommissionerUnited States Tax Court · 1974
- C. W. Stoll v. CommissionerUnited States Tax Court · 1946
- Dougherty v. CommissionerUnited States Tax Court · 1974
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