Doyle, Dane, Bernbach, Inc. v. Commissioner
United States Tax Court
Held, in order to satisfy the "all events" test of sec. 1.451-1(a), Income Tax Regs., the proper year for P, an accrual method taxpayer, to include in income refunds of New York State franchise taxes and New York City corporation taxes is the year the right to those refunds is ultimately determined.
Read the full summary
Held, in order to satisfy the "all events" test of sec. 1.451-1(a), Income Tax Regs., the proper year for P, an accrual method taxpayer, to include in income refunds of New York State franchise taxes and New York City corporation taxes is the year the right to those refunds is ultimately determined. Held, further: In applying sec. 862(b), I.R.C. 1954, as amended, to decide whether a deduction is allocable to foreign source income, the test is whether the expense, loss, or other deduction was incurred to derive income from such foreign source. Because the proceeds of the loan P, as guarantor,…
1Opinion of the Court
OPINION
Tietjens, Judge:
Respondent determined a deficiency of $394,887 in petitioner’s Federal income tax for the year ended October 31, 1972. After concessions by the parties, the issues for decision are (1) whether, as an accrual method taxpayer, petitioner must include in its gross income amounts representing claimed refunds of New York State franchise taxes and New York City general corporate taxes for the taxable year ended October 31, 1972, attributable to a net operating loss carryback from the taxable year ended October 31, 1975; and (2) whether, under sections 861 and 862,1 the bad…
2Cases cited9 opinions
- United States v. SanchezSupreme Court of the United States · 1950
- Theo. H. Davies & Co. v. CommissionerUnited States Tax Court · 1980
- Motors Insurance v. United StatesUnited States Court of Claims · 1976
- Royal Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Kenyon Instrument Co. v. CommissionerUnited States Tax Court · 1951
4 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Amadori v. CommissionerUnited States Tax Court · 1984
- Doyle, Dane, Bernbach, Inc. v. CommissionerUnited States Tax Court · 1982
- Yapp Corp. v. CommissionerUnited States Tax Court · 1992
- Yapp Corp. v. CommissionerUnited States Tax Court · 1993