Citations
- 37 F. Supp. 923
Full opinion text
MADDEN, Judge.
This suit is based on two claims for refund of corporation income taxes for the fiscal year ended January 31, 1929. The first claim filed September 17, 1931, was for $22,198.02, and arose out of the Commissioner of Internal Revenue’s disallowance of a deduction in plaintiff’s consolidated corporation income tax return for the fiscal year in question, of a loss by,the Record Publishing Company, hereinafter called Record. Defendant concedes that Record had a loss of $133,729.86. Plaintiff claims the loss was $40,981.12 more than that. But the first question to be answered is whether plaintiff was entitled to deduct any loss of Record, regardless of its amount.
During plaintiff’s entire fiscal year ending January 31, 1929, plaintiff owned all the stock of