Great N. R. Co. v. Commissioner
United States Board of Tax Appeals
1. Losses sustained in certain taxable years through the liquidation of 100 percent owned subsidiaries determined and allowed. 2. Amounts charged to capital as interest on advances for construction of branch lines of railroad are not deductible from petitioner's income in the year in which such advances were written off as losses. 3. Taxes paid by petitioner in certain taxable years are not deductible in year of payment where under the law such taxes were accruable in a…
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1. Losses sustained in certain taxable years through the liquidation of 100 percent owned subsidiaries determined and allowed. 2. Amounts charged to capital as interest on advances for construction of branch lines of railroad are not deductible from petitioner's income in the year in which such advances were written off as losses. 3. Taxes paid by petitioner in certain taxable years are not deductible in year of payment where under the law such taxes were accruable in a prior year. 4. Railroad equipment used in constructing capital additions to petitioner's property was used in its trade or…
1Opinion of the Court
GREAT NORTHERN RAILWAY COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Great N. R. Co. v. Commissioner
Docket Nos. 52702, 60319, 69976.
United States Board of Tax Appeals
30 B.T.A. 691; 1934 BTA LEXIS 1284;
May 15, 1934, Promulgated
1. Losses sustained in certain taxable years through the liquidation of 100 percent owned subsidiaries determined and allowed.
2. Amounts charged to capital as interest on advances for construction of branch lines of railroad are not deductible from petitioner's income in the year in which such advances were written off as losses.
3. Taxes paid by…
2Cases cited17 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Charles Ilfeld Co. v. HernandezSupreme Court of the United States · 1934
- United States v. MitchellSupreme Court of the United States · 1926
- Newton v. Consolidated Gas Co. of NYSupreme Court of the United States · 1922
- Burnet v. Aluminum Goods Manufacturing Co.Supreme Court of the United States · 1933
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