Koehring Co. v. Tax Commission

It is undisputed that upon stock which it held in the National Equipment Corporation, the appellant, Koehring Company, sustained a loss of $1,273,009, and for that loss reported and claimed a deduction in its income tax return for 1936. Subsequently on an office audit of appellant’s tax liability, the loss was disallowed as deductible in 1936; but was allowed as a deduction in 1937, because the liquidation of National Equipment Corporation was not had or completed until in 1937. Appellant contends that it was entitled to take the deduction for the loss in 1936, under the provision in sub. (3)…