Carroll Chain Co. v. Commissioner
United States Board of Tax Appeals
A corporate taxpayer operating its business for a part of its first fiscal year after organization, and sustaining a net loss therefrom, is entitled to deduct such loss from taxable income earned in the succeeding taxable year, under section 204(b) of the Revenue Act of 1921.
1Opinion of the Court
Appeal of CARROLL CHAIN CO.
Carroll Chain Co. v. Commissioner
Docket No. 104.
United States Board of Tax Appeals
1 B.T.A. 38; 1924 BTA LEXIS 266;
October 30, 1924, decided Submitted October 13, 1924.
A corporate taxpayer operating its business for a part of its first fiscal year after organization, and sustaining a net loss therefrom, is entitled to deduct such loss from taxable income earned in the succeeding taxable year, under section 204(b) of the Revenue Act of 1921.
Mr. G. G. McAllister, Treasurer of Carroll Chain Co., for the taxpayer.
John B. Milliken, Esq. (Nelson T. Hartson, Solicitor of…
2Cases cited1 opinion
- Carroll Chain Co. v. CommissionerUnited States Board of Tax Appeals · 1924