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LEWYT CORP. V. COMMISSIONER, 349 U. S. 237 (1955)

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U.S. Supreme Court

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


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. 349 U. S. 232. Pp. 349 U. S. 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. 349 U. S. 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. 349 U. S. 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. 349 U. S. 240-242.

215 F.2d 518 affirmed in part and reversed in part.

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