-31-
receiving the benefit of such deductions by the
provisions of section 233 of the Revenue Acts of 1928
and 1932, because none of its returns for the periods
involved was timely filed. The gist of his contention
is that the words in those sections “in the manner
prescribed in this title” embrace timely filing of
returns within their meaning and that, consequently,
deductions are allowable to a foreign corporation only
when its returns are filed within the time specified in
section 235 of the Revenue Acts of 1928 and 1932,
supra. Under this section, 235, petitioner should have
filed its returns for the periods involved on or before
June 15 of each of the years 1931, 1932, 1933, and
1934, but did not file any returns until February 21,
1936, when it filed returns for all the periods. The
respondent argues that as a consequence of such
untimely filing of the returns the petitioner is not
entitled to the deductions of the expenses involved and
that the tax should be computed upon its gross income.
We do not agree with respondent’s contention. It
is unnecessary to assign any reason for such conclusion
other than to say that our decision on this point is
clearly controlled by the holding of the Board in
Anglo-American Direct Tea Trading Co., Ltd.,
promulgated October 4, 1938, 36 B.T.A. No. 94.
Accordingly we hold that petitioner is entitled to the
deduction of the expenses as set out in the above
tabulation and that respondent erred in computing
petitioner’s taxes on the basis of its gross income.
[Mills, Spence & Co. v. Commissioner, supra; fn. ref.
omitted.]
D. Am. Inv. and Gen. Trust Co.
In Am. Inv. and Gen. Trust Co. v. Commissioner, a Memorandum
Opinion of the Board of Tax Appeals dated April 13, 1939, the
Board again applied its holding in Anglo-Am. Direct Tea Trading
Co. v. Commissioner, 38 B.T.A. 711 (1938). The Board found that
the taxpayer, a foreign corporation, had not filed its 1929 and
1930 Federal income tax returns timely. The Commissioner again
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