National Casket Co. v. Commissioner
United States Board of Tax Appeals
1. The petitioner is a member of a group of affiliated corporations which for many years have filed consolidated returns upon the basis of a fiscal year ended June 30. It owned all of the capital stock of one of the affiliates, which was liquidated and dissolved in 1928, and sustained a loss thereby. The liquidated corporation operated at a profit for the fiscal year ended June 30, 1925, but at a loss in the succeeding years.
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1. The petitioner is a member of a group of affiliated corporations which for many years have filed consolidated returns upon the basis of a fiscal year ended June 30. It owned all of the capital stock of one of the affiliates, which was liquidated and dissolved in 1928, and sustained a loss thereby. The liquidated corporation operated at a profit for the fiscal year ended June 30, 1925, but at a loss in the succeeding years. Held, that the loss sustained by the petitioner in 1928 should be decreased by the losses of the liquidated corporation during the period of affiliation. 2. Under an…
1Opinion of the Court
*140OPINION.
Smith :
The first question presented is the amount of the deductible loss sustained by the petitioner upon the liquidation of Hornthal & Co. as of April 30, 1928. The petitioner claims that the loss sustained was $105,355.07. The respondent admits that this would be the amount of the deductible loss were it not for the fact that Horn-thal & Co. sustained operating losses for the fiscal years ended June 30, 1926, 1927 and 1928, in the aggregate amount of $100,359.37, which operated to reduce the taxable net income of the affiliated *141group for the years in which sustained. The respondent…
2Cases cited3 opinions
- Burnet v. Aluminum Goods Manufacturing Co.Supreme Court of the United States · 1933
- H. H. Brown Co. v. CommissionerUnited States Board of Tax Appeals · 1927
- Summerfield Co. v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by6 opinions
- Charles Ilfeld Co. v. HernandezSupreme Court of the United States · 1934
- Texas Coca-Cola Bottling Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- George S. Colton Elastic Web Co. v. United StatesCourt of Appeals for the First Circuit · 1940
- Manchester Sav. Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- National Casket Co. v. CommissionerUnited States Board of Tax Appeals · 1933
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