This proceeding involves deficiencies in income tax of $110,030.86 for the fiscal year ended March 31, 1947, and $34,128.81 for the fiscal year ended March 31, 1948.
The only issue is whether petitioner sustained a recognized loss on the sale of its plant and other noninventory assets during the taxable year ended March 31, 1949, which may be carried back as a net operating loss to its 2 previous taxable years.
Some of the facts were stipulated.
FINDINGS...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.
