Carey Salt Co. v. Commissioner
United States Board of Tax Appeals
Debts, ascertained to be worthless upon liquidation of debtor corporation, and charged off, allowed, reduced in part by a collection which creditor is assumed to have made, as a deduction, since the liquidation terminated the affiliation previously existing and the losses resulted from the liquidation and occurred outside the period of affiliation.
1Opinion of the Court
OPINION.
Goodrich :
In these proceedings, which were consolidated for hearing, we are asked to redetermine deficiencies asserted by respondent against the Emerson Carey Fibre Products Company for the years 1923 and 1925 in the amounts of $13,594.35 and $12,721.22, respectively, and against the Carey Salt Company for the years 1923 and, 1924 in the amounts of $3,685.23 and $76.35, respectively. At the hearing allegations of error relating to depletion and depreciation were waived, leaving, as the sole issue for our determination, whether respondent erred in disallowing as a deduction from income…
2Cited by5 opinions
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- Carey Salt Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- W. M. Ritter Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1934