Birmingham Terminal Co. v. Commissioner
United States Tax Court
Where petitioner incurred certain retirement losses which, because of Interstate Commerce Commission regulations, it could not charge against railroads using its passenger terminal facilities, and thereafter, in a subsequent year, the regulations were changed to permit reimbursement of petitioner by the railroads on account of those losses, held, the reimbursement in the later year did not constitute taxable income, since the retirement losses did not produce any tax benefit…
Read the full summary
Where petitioner incurred certain retirement losses which, because of Interstate Commerce Commission regulations, it could not charge against railroads using its passenger terminal facilities, and thereafter, in a subsequent year, the regulations were changed to permit reimbursement of petitioner by the railroads on account of those losses, held, the reimbursement in the later year did not constitute taxable income, since the retirement losses did not produce any tax benefit in the earlier years.
1Opinion of the Court
OPINION.
Raum, Judge:
Respondent determined deficiencies of $11,094.34 and $5,048.37, respectively, in petitioner’s income and declared value excess-profits taxes for the calendar year 1945. Its returns for those taxes, reported on the accrual basis and for a calendar year period, were filed with the collector of internal revenue for the district of Maryland. The facts, completely stipulated by the parties, are not in dispute, and as stipulated are adopted as our findings of fact.
Petitioner is a corporation organized under Alabama law, and has its principal office in the District of Columbia.…
2Cases cited9 opinions
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Boehm v. CommissionerSupreme Court of the United States · 1945
- National Bank of Commerce v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1940
- Mathey v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1949
- Hamilton v. Kentucky & I. Terminal R.Court of Appeals for the Sixth Circuit · 1923
4 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- Putoma Corp. v. CommissionerUnited States Tax Court · 1976
- California and Hawaiian Sugar Refining Corporation, Limited v. The United StatesUnited States Court of Claims · 1962
- Capitol Coal Corp. v. CommissionerUnited States Tax Court · 1956
- Home Mutual Insurance Company, Cross v. Commissioner of Internal Revenue, CrossCourt of Appeals for the Seventh Circuit · 1980
- Continental Illinois Nat'l Bank & Trust Co. v. CommissionerUnited States Tax Court · 1977
20 more not listed; retrieve them via the Exa API.