Electro-Chemical Engraving Co., Inc. v. Commissioner - 311 U.S. 513 (1941)


U.S. Supreme Court

Electro-Chemical Engraving Co., Inc. v. Commissioner, 311 U.S. 513 (1941)

Electro-Chemical Engraving Co., Inc. v.

Commissioner of Internal Revenue

No. 62

Argued December 12, 1940

Decided January 6, 1941

311 U.S. 513

Syllabus

A loss sustained by a corporation upon foreclosure sale of its mortgaged property held, in computing taxable income under the Revenue Act of 1934, deductible only to the limited extent allowed by §§ 23(j) and 117(d) for losses from "sale" or exchanges of capital assets. Helvering v. Hammel, ante, p. 311 U. S. 504, followed. P. 311 U. S. 514.

110 F.2d 614 affirmed.

Certiorari, 310 U.S. 622, to review the reversal of a decision of the Board of Tax Appeals redetermining a deficiency in income tax.



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