Robert Reis & Co. v. Commissioner
United States Tax Court
Petitioner, on the accrual basis, contested excess profits taxes for 1943 and 1944. The contest terminated in 1949 and the taxes were paid in that year. Held, the petitioner was entitled to a deduction in 1949 under section 122 (d) (6), Internal Revenue Code, for excess profits taxes paid or accrued in determining the amount of a loss carry-back.
1Opinion of the Court
OPINION.
Tietjens, Judge:
The respondent determined deficiencies in income tax for the years 1946 and 1947 in amounts totaling $10,979.80. Several of the issues raised by the pleadings have been settled by stipulation and can be reflected in a Rule 50 computation.
The single issue for decision is the propriety of the respondent’s failure, in determining the net operating loss carry-back to 1947, to increase the amount of the petitioner’s net operating loss sustained in 1949 by the amount of excess profits taxes for 1943 and 1944 which were contested by the petitioner until finally settled and…
2Cases cited7 opinions
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- Stern Bros. & Co. v. CommissionerUnited States Tax Court · 1951
- Lehigh v. R. Co. v. CommissionerUnited States Tax Court · 1949
- Chestnut Securities Co. v. United StatesUnited States Court of Claims · 1945
2 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Lewyt Corp. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1954
- Mills, Inc. v. CommissionerUnited States Tax Court · 1957
- Mills, Inc. v. CommissionerUnited States Tax Court · 1957
- Robert Reis & Co. v. CommissionerUnited States Tax Court · 1953