Bone v. Commissioner
United States Tax Court
Held, for a new corporation to be treated as an "electing small business corporation" for its first taxable period, its election under sec. 1372, I.R.C. 1954, must be filed no later than 1 month after it acquires assets or begins business operations. Such time is not postponed by reason of a delay in the corporation receiving authorization to issue stock.
1Opinion of the Court
OPINION
On his tax returns for 1964 and 1965, the petitioner claimed deductions for losses arising out of the development of citrus acreage on the theory that such losses were incurred by TBC as an “electing small business corporation” described in sections 1371-1378. Now, he contends that the losses arising out of the citrus acreage operation which occurred prior to October 28, 1964, were incurred by a partnership of which he was a member, and that losses occurring thereafter were incurred by TBC and are deductible by him by reason of TBC’s valid subchapter S election. His present position is…
2Cases cited11 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Rink v. CommissionerUnited States Tax Court · 1969
- Pestcoe v. CommissionerUnited States Tax Court · 1963
- Weigman v. CommissionerUnited States Tax Court · 1967
- Feldman v. CommissionerUnited States Tax Court · 1966
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3Cited by3 opinions
- Rowland v. United StatesDistrict Court, W.D. Arkansas · 1970
- Calhoun v. United StatesDistrict Court, W.D. Virginia · 1973
- Bone v. CommissionerUnited States Tax Court · 1969