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Lewyt Corp. v. Commissioner, 349 U.S. 237 (1955)
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General SummaryThis case is from a collection containing the full text of over 16,000 Supreme Court cases from 1793 to the present. The body of Supreme Court decisions are, effectively, the final interpretation of the Constitution. Only an amendment to the Constitution can permanently overturn an interpretation and this has happened only four times in American history.
Lewyt Corp. v. Commissioner, 349 U.S. 237 (1955)
Lewyt Corporation v. Commissioner of Internal Revenue No. 417 Argued April 19, 1955 Decided May 23, 1955 349 U.S. 237
CERTIORARI TO THE UNITED STATE COURT OF APPEALS
FOR THE SECOND CIRCUIT
Syllabus
1. Under § 122(d)(6) of the Internal Revenue Code, a taxpayer on the accrual basis cannot, in computing its net operating loss for one year, deduct the amount of excess profits taxes which were paid in that year but which had accrued in an earlier year. United States v. Olympic Radio & Television, Inc., ante, p. 232. Pp. 237-238.
2. Under § 122(b)(1) and § 122(d)(6) of the Internal Revenue Code, the amount of 1944 net income to be offset against the carryback from 1946 is to be determined in accord with normal principles of accrual accounting. Pp. 238-243.
(a) The rule that general equitable considerations do not control the measure of deductions or tax benefits applies as well to the Government as to the taxpayer. P. 240.
(b) In § 122(d)(6), the word "imposed" was used to identify the tax that "accrued," not to define the amount of the tax that is to be levied and collected. Pp. 240-242.
215 F.2d 518 affirmed in part and reversed in part.
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Chicago: U.S. Supreme Court, "Syllabus," Lewyt Corp. v. Commissioner, 349 U.S. 237 (1955) in 349 U.S. 237 Original Sources, accessed November 25, 2024, http://originalsources.com/Document.aspx?DocID=8JFCEXF4FF29QVS.
MLA: U.S. Supreme Court. "Syllabus." Lewyt Corp. v. Commissioner, 349 U.S. 237 (1955), in 349 U.S. 237, Original Sources. 25 Nov. 2024. http://originalsources.com/Document.aspx?DocID=8JFCEXF4FF29QVS.
Harvard: U.S. Supreme Court, 'Syllabus' in Lewyt Corp. v. Commissioner, 349 U.S. 237 (1955). cited in 1955, 349 U.S. 237. Original Sources, retrieved 25 November 2024, from http://originalsources.com/Document.aspx?DocID=8JFCEXF4FF29QVS.
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